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Market News US crude oil trading strategy on June 3: Both supply and demand are in favor of bulls, and oil prices may hit the 120 mark again

US crude oil trading strategy on June 3: Both supply and demand are in favor of bulls, and oil prices may hit the 120 mark again

At present, the sixth round of EU sanctions on Russia, the peak travel period in Europe and the United States, the easing of the epidemic in Asia, and the decline in crude oil and refined oil inventories in the United States have all provided support for oil prices, and analysts predict that Saudi Arabia’s increase in production will not solve the problem of tight supply, and oil prices will remain in the market outlook. Biased to shock upward.

2022-06-03
6313
During the Asia-Europe session on Friday (June 3), U.S. crude oil fluctuated slightly and was currently trading around US$116.67 per barrel. During the overnight New York session, oil prices rose sharply. Before the release of the non-agricultural data, some bulls took profits. At present, the sixth round of EU sanctions on Russia, the peak travel period in Europe and the United States, the easing of the epidemic in Asia, and the decline in crude oil and refined oil inventories in the United States have all provided support for oil prices, and analysts predict that Saudi Arabia’s increase in production will not solve the problem of tight supply, and oil prices will remain in the market outlook. Biased to shock upward.

However, in the short term, we also need to pay attention to the impact of global stock markets and the US non-farm payrolls report.

Daily level: rising in shock; the moving averages are long aligned, MACD diverges upward, and the callback after being blocked near the 120 mark is supported near the 21-day moving average, suggesting strong bargain-hunting buying. The resistance near the mark, if the resistance is broken, it is expected to rise to the March high near the 130 mark; there is also some resistance near the March 9 high of 126.84.

In view of the adhesion of KDJ, the bullish signal of MACD is not very strong, and we still need to beware of the possibility of rising and falling. The initial support below is near 116.35, the 10-day moving average is supported near 114.26, and the 21-day moving average is currently at 111.25. Below the position, it will increase the market outlook bearish signal.



Resistance: 117.87; 120.00; 123.23; 126.84
Support: 116.15; 114.26; 111.25; 108.61;

Suggestions for short-term operations: conservatives wait and see; radicals do more cautiously on dips.
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