Following the breakout and confirmation of area 3,350, we believe that the price could go to next resistance area at 3,500.
The graph shows the presence of an open gap, and we believe there is a tendency in the medium term to close it. As in all areas of the energy sector, here too, great attention to the next OPEC meeting.
As we can see from a long-term cyclical study, we are currently in a bullish phase.
The graph shows the presence of an open gap, and we believe there is a tendency in the medium term to close it. As in all areas of the energy sector, here too, great attention to the next OPEC meeting.
Comment:
Due to the loss of area 3,350 with confirmation, we turned short because of a likely fake breakout. Beware that the force of the bearishs seems to be strong and we are near the important bullish trendline that is supporting the price since the end of February. A breakout of this dynamic support line could open a bearish phase with targets to initially place in the 3,000 area, with new levels to be defined if the downhill continues.