LIGHT CRUDE OIL 1W COMODITIES - CRUDE is still DOWN
It is difficult to understand the current context of raw materials in relation to their behaviour in previous times, and above all what is happening with oil.
Until very recently, a conflict in the Middle East meant increases in the price per barrel. At the moment, the hornet's nest is stirred up, but it does not seem to be enough. The Israeli conflict with its close neighbours would have been more than enough for this scenario of increases, and even more so when a nuclear power like Iran is directly mentioned.
However, the crude oil market is in a downward spiral that has not yet hit bottom. Whether it is due to the threat of electric cars, the use of renewable energies or any other reason that occurs to us why the oil market is currently bearish.
Regardless of the factors that have brought the price to $70 per barrel, we can consider oil (black gold) as an alternative to gold or other reserve assets.
If the technology market turns around, everyone will run around like headless chickens and this could be a good safe haven.
As for the strategy to follow based on Technical Analysis, our position remains bearish until the price finds a support zone:
SUPPORT 1: 57 - 61
SUPPORT 2: 34 - 39
As long as it does not break the bearish channel, we will follow the evolution of the price until it gives buy signals and we will pay special attention to the areas marked as supports.
Once our strategy is defined, it is a matter of waiting to enter at the right time.
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I share with you my technical analysis assessments on certain values that I follow as part of the strategies I design for my portfolio, but I do not recommend anyone to operate based on these indications. Inform yourself, train yourself and build your own strategies when investing. I only hope that my comments help you on your own path :)