USOIL: Waiting for rebound failure

A brief analysis of the fundamentals:

Since June 29, oil prices have fallen, as OPEC+ maintains a clear plan to increase production, and the market gradually digests the news. Currently, the market is pricing in new expectations that U.S. President Joe Biden will visit Saudi Arabia next week and is bound to discuss an increase in oil production, which is reflected in advance. It is expected that OPEC+ will not adjust its production increase plan at this stage, and oil prices still have the probability of a short-term rebound, which may occur after Biden’s visit to Saudi Arabia in July.

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, and the middle rail is tested upward from the lower rail. The Bollinger indicator moves down in the open state, 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