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US oil: weak shocks move up
2022-07-21
1232
Fundamental analysis:
Crude oil remained volatile around 99.798, and the EIA strategic oil reserve inventory in the week to July 15 was the lowest since July 12, 1985. As of July 15, the EIA crude oil inventory unexpectedly decreased and gasoline inventory increased. NYMEX crude oil fluctuated by $0.6, with low points and high points of $98.59 and $99.20 respectively.
Crude oil usoil - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart: it has been maintained at a low level for a long time, and the shock moves up slowly. The bull power shows signs of waiting for the opportunity to enter. The short-term bull pull-up may continue. The MACD index is hovering on the upper side of the 0 axis, and the RSI index is in a narrow range near the 50 equilibrium line;
Long short turning point: 99.411
Pressing position: 101.338, 102.888
Support position: 98.012, 96.727
Trading strategy: bullish above 99.411, target 101.338, 102.888
Alternative strategy: bearish below 99.411, target 98.012, 96.727
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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