crude oil price trend review: On Tuesday (June 28), during the Asia-Europe session, US crude oil continued to rise. Earlier, the United Arab Emirates ‘ energy minister said the country was nearing full capacity, dismissing expectations that the country could increase supply in a tight market.
Saudi Arabia is also nearing capacity limits. G7 summit to discuss tightening sanctions on Russia. The NATO summit is expected to further fuel geopolitical concerns. Political unrest in Ecuador and Libya could also further tighten supplies. Short-term fundamentals favor the bulls.
Analysis of crude oil price trend today: Daily level: shock; KDJ golden fork, oil prices continuously broke through the resistance near the low of 108.30 on June 17 and the 55-day moving average 110 integer mark, the K-line graph is partially similar to a V-shaped reversal, short-term Biased to the bulls, it may further test the resistance near the low of 112.31 on June 16, and further resistance is near the 21-day moving average of 114.83. If it breaks further, it will increase the short-term bullish signal. The initial target refers to the vicinity of the 120 integer mark, and the further target refers to the Bollinger upper line around 125.23.
Given that the MACD dead cross signal still exists, it is still necessary to prevent the possibility of high shocks and declines in the short term. At present, the 110-digit 55-day moving average has been converted into initial support, followed by support at the location near 108.30 on June 17, the 5-day moving average at 107.33, and the 100-day moving average at 106.04. Should it break below this level unexpectedly, future bear market signals will increase.
Resistance: 112.31; 114.83; 116.65;
Support: 110.00; 108.30; 106.04;
Crude oil operation suggestion:
Suggestions for short-term operations: do more cautiously on dips.