The oil distribution remained volatile around 89.807, and G7 agreed to set a price ceiling on Russian oil exports this month. The West has begun to boycott Russian oil. The G7 hopes to force Russia to sell oil to big buyers such as India at a much lower price in the future. The restrictions on Russian oil exports are likely to be accompanied by a sharp and long-term rise in prices, including food.
Oil distribution UKOil – 4-hour K line diagram shows:
The 4-hour chart shows that the low position wide range shock fell rapidly, the market bearish mood was shrouded, and the short-term decline may continue. The MACD index hovered under the 0 axis, and the RSI index was collated under the 50 equilibrium line;
Empty turning point: 90.116
Pressing position: 90.774, 91.561
Support position: 89.092, 88.525
Trading strategy: 90.116 lower bearish, 89.092 and 88.525 targets
Alternative strategy: bullish above 90.116, target 90.774, 91.561