Geopolitics & Low Inventories Support Oil Prices, US Oil Could Appear With Reversal
Geopolitical risks and low inventories still support energy prices, which are favorable for U.S. oil.
Investors are suggested to bargain hunt after the price pulls back to 107.00, Target 109.70 and Stop-Loss at 105.60.
At present, the impact of high inflation in the United States on consumption has gradually begun to appear, and the US retailers released their earnings reports yesterday. As a result, the U.S. stock market started a frenzy all day yesterday, while energy prices fell sharply due to worries about recession expectations.
At present, the Russian-Ukrainian war still exists, Europe is still facing the risk of gas failure, the superimposed US energy inventory is low, and the previously announced retail sales data continue to grow.
Therefore, considering the above factors, the US oil market can try more on dips.
In the 4-hour K-line chart, the K-line is currently running below the middle rail of the Bollinger Band in a volatile pattern; the KD indicator is down; the bearish momentum of the MACD indicator has not continued to increase. Overall, it’s in a distribution area, investors are suggested to bargain hunting
*Information above belongs to 3rd party media comments, can only be used for references and doesn’t represent our platform’s opinion. Investors should maintain sole-determination, self-evaluation required and be responsible for their own action.
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Disclaimer: Information above can only be use for references and doesn’t represent our platform’s opinions.