Crude oil prices continue to rise after reaching our target area (marked in yellow).
After the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ met on Thursday, Saudi Arabia made a strong appeal to members of the OPEC+ oil consortium. Saudi Oil Minister Prince Abdulaziz bin Salman warned that "full compliance is not an act of charity" and noted that any attempt at overproduction was "doomed to failure".
As long as the bulls hold above $38.45, we continue to be bullish and see the next target in the range of $42.90.
The alternative scenario has a probability of 30% and needs to be included in all trading decisions as long as WTI stays below $43.80. Above the resistance zone, the alternative scenario is neutralized. Which, at the same time, paves the way towards the next target, around $50.
🤞 Feel free to comment and share your opinion. 🤞🏿
After the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ met on Thursday, Saudi Arabia made a strong appeal to members of the OPEC+ oil consortium. Saudi Oil Minister Prince Abdulaziz bin Salman warned that "full compliance is not an act of charity" and noted that any attempt at overproduction was "doomed to failure".
As long as the bulls hold above $38.45, we continue to be bullish and see the next target in the range of $42.90.
The alternative scenario has a probability of 30% and needs to be included in all trading decisions as long as WTI stays below $43.80. Above the resistance zone, the alternative scenario is neutralized. Which, at the same time, paves the way towards the next target, around $50.
🤞 Feel free to comment and share your opinion. 🤞🏿
