English
Market News May 31 U.S. crude oil trading strategy: fundamentals face multiple positives, and technical aspects initially break up
May 31 U.S. crude oil trading strategy: fundamentals face multiple positives, and technical aspects initially break up
U.S. crude oil hit a new high of $119.42 per barrel since March 10, so former EU leaders said they had agreed to cut Russian oil imports by 90% by the end of this year. Analysts expect the EU’s Russian oil ban to further increase the global crude oil market. In addition, the Shanghai epidemic is coming to an end, driving people's hopes that China's oil demand will pick up again. Coinciding with Europe and the United States also ushered in the peak summer travel period, the global stock market has continued to rebound recently, all of which have provided upward momentum for oil prices.
2022-05-31
7806
In the Asia-Europe session on Tuesday (May 31), international oil prices continued to climb. U.S. crude oil hit a new high of $119.42 per barrel since March 10. Therefore, the former EU leaders said they had agreed to cut Russian oil by 90% by the end of this year. For imports, analysts expect the EU's Russian oil ban will further tighten the global crude oil market; in addition, the Shanghai epidemic is coming to an end, boosting hopes that China's oil demand will pick up again. Coinciding with Europe and the United States also ushered in the peak summer travel period, the global stock market has continued to rebound recently, all of which have provided upward momentum for oil prices.
Technically, the daily line has initially broken the volatile market for more than two months, and the bullish signal has increased.
Daily level: shocks and breaks up; MACD diverges upwards, the moving averages are long aligned, the KDJ golden fork is running, the Bollinger Bands are sloping upwards, and the short-term is obviously biased towards longs. From a morphological point of view, oil prices initially broke through the resistance of 116.64, the high point on March 24, and initially announced the end of the wide volatile market since March 10. Oil prices are expected to start a new round of gains.
The initial resistance is near the 120 integer mark, further resistance is near the high point of 126.84 on March 9, and the high resistance on March 7 is near the 130 integer mark. Before falling back below 116.64, the possibility of oil prices testing the resistance near the 130 mark larger. More aggressive price estimates may rise to around the 140 mark.
Given that the 120 integer mark is an integer mark resistance, it is still necessary to beware of the possibility of a fall.
The bottom 116.64 has been transformed into initial support. The 5-day moving average support is currently around 115.29. If oil prices fall below this position after being blocked, you need to beware of the possibility of false breakthroughs. The 10-day moving average support is currently near 112.85.
Resistance: 120.00; 123.33; 126.84;
Support: 116.64; 115.29; 112.85;
Suggestions for short-term operations: do more cautiously on dips.
Technically, the daily line has initially broken the volatile market for more than two months, and the bullish signal has increased.
Daily level: shocks and breaks up; MACD diverges upwards, the moving averages are long aligned, the KDJ golden fork is running, the Bollinger Bands are sloping upwards, and the short-term is obviously biased towards longs. From a morphological point of view, oil prices initially broke through the resistance of 116.64, the high point on March 24, and initially announced the end of the wide volatile market since March 10. Oil prices are expected to start a new round of gains.
The initial resistance is near the 120 integer mark, further resistance is near the high point of 126.84 on March 9, and the high resistance on March 7 is near the 130 integer mark. Before falling back below 116.64, the possibility of oil prices testing the resistance near the 130 mark larger. More aggressive price estimates may rise to around the 140 mark.
Given that the 120 integer mark is an integer mark resistance, it is still necessary to beware of the possibility of a fall.
The bottom 116.64 has been transformed into initial support. The 5-day moving average support is currently around 115.29. If oil prices fall below this position after being blocked, you need to beware of the possibility of false breakthroughs. The 10-day moving average support is currently near 112.85.
Resistance: 120.00; 123.33; 126.84;
Support: 116.64; 115.29; 112.85;
Suggestions for short-term operations: do more cautiously on dips.
Bonus rebate to help investors grow in the trading world!
Or try Free Demo Trading
