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USOIL: Waiting for a rebound to go short
2022-06-26
1255
A brief analysis of the fundamentals:
Oil prices rose slightly in early Asian trading on Friday, with U.S. crude rising as much as 1% to $105.29 a barrel as countries around the world seek to resolve the tight global supply of crude oil and fuel. OPEC+ is likely to stick with plans to accelerate production increases in August, hoping to ease soaring oil prices and inflationary pressures as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East, the sources said.
4-hour chart of U.S. crude oil
A brief technical analysis:
From the 4-hour chart: the short-term exchange rate runs between the middle and lower rails, from the lower rail to the middle rail, the Bollinger indicator begins to converge and move upward, the MACD energy column shrinks, the RSI indicator rebounds slightly, and the probability of weakening again after a short-term rebound larger.
Long-short turning point: 115.00
Resistance: 122.00 130.00
Support: 109.00 102.00
Trading strategy: Bearish below 115.00, target 109.00, 102.00
Alternative strategy: bullish above 115.00, target 122.00, 130.00
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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