Crude oil fluctuates at high levels

The supply side of the global oil market continues to reduce production, and oil prices continue to rise in the short term. A ban on fuel exports announced in Russia last week raised supply concerns and demand woes from future interest rate hikes. In the current context of the crude oil market, we need to pay attention to the fact that once the Federal Reserve misjudges the U.S. economy, superimposes a rebound in inflation, and excessively raises interest rates, it may suppress crude oil prices.

The price of crude oil first rose last week and then adjusted to 90.55. It has closed positive for three consecutive weeks, and the long-term upward trend of crude oil is obvious.

In the short term, crude oil is bullish when it is above 90.0 and bearish when it is below 90. The RSI technical indicator is bullish. The main transactions are range trading.

Comment:

89.8-90.6 range trading

Comment:

I said that once the fall reaches 90 there will be a further fall. But the target is still 93

Comment:

Simple understanding below 90 buy short. Above 90 buy long

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