Oil distribution remained volatile around 92.879, and the prospect that more interest rate hikes and covid-19 lockdown measures would weaken fuel demand reignited market concern, reversing the two-day rise brought by OPEC +'s first production reduction target since 2020.
Oil distribution ukoil - 4-hour K-line diagram shows:
According to the 4-hour chart, the market is shrouded in short sentiment. Although the low level is moving upward, the long side is still in a weak position. The short side continues to move downward, the MACD index is in a weak position under the 0 axis, and the RSI index is in a narrow range under the 50 equilibrium line;
Long and short turning point: 93.277
Pressing position: 94.333, 95.388
Support position: 91.913, 90.955
Trading strategy: bearish below 93.277, target 91.913, 90.955
Alternative strategy: bullish above 93.277, target 94.333, 95.388