vU.S. market boosts demand, oil prices edge up

A brief analysis of the fundamentals:

On Monday (May 23), the increased demand for crude oil in the United States brought some support to oil prices. Factors such as the intensified conflict between Russia and Ukraine also provided bullish factors in geopolitics. US WTI crude oil edged higher and closed at $109.90 per barrel. As the risk of economic recession approaches and changes in supply factors increase, it is still difficult to shake the high and volatile situation of oil prices, but the short-term correction of oil prices may increase, and the market fluctuates disorderly. Pay attention to avoiding risks.

US crude oil USOIL 4-hour chart

A brief technical analysis:

Looking at the 4-hour chart, oil prices fell slightly after touching the 111 resistance, with obvious signs of sideways, the moving average system was flat, the MACD red column was shortened, the RSI indicator was flat, and the probability of a small upward move within the day was high.

Long-short turning point: 107.00

Resistance: 111.00 115.00

Support: 103.50 100.00

Trading Strategy: Bullish above 107.00, target 111.00 115.00

Alternative strategy: Bearish below 107.00, target 103.50 100.00