Crude Oil , It closes the week in the favorable zone after having a price correction, it can be a discount, but also the price can reject the resistance from 81 and retest 78, also a negative thing is that it made a LL on the daily after the neckline- the structure was broken and confirmed 2 days in a row with LL but every day it managed to close the day above the support level, I also have to mention that this increase on Friday came after Opec announced a new cut of barrels for maintenance the price as stable as possible, which for a short time can keep the price alive, but long term for investors, it is just an extension of the term before a serious price correction.
Example:
You have a car with problems, the problem is somewhere in the engine and you know that in the long term the car cannot take you to long destinations, but in order to go to short destinations, you go to the mechanic every month to fix the engine enough to last you another month, but long term, you know that one day the car won't work even in those short destinations and it simply won't work for me.
This is also the case with Crude Oil now, in MY OPINION< yes? it's just a personal opinion and you don't have to copy it.
My opinion is that OPEC and the necessary authorities at this moment are cutting production monthly to maintain the favorable price, but in reality without these cuts that have already been in place for several months, the price would have dropped a lot.
On the other hand, India made the first oil order for the first time in its history and will pay it in rupees, their national currency, this will impact the price of oil in the long term because in Brics, at this moment countries can pay in their national currency, the conversion was subsequently made automatically, unlike until now when India paid the contracts based on DOLLARS.
At the moment I am Neutral - Bearish on the Crude Oil price and I am waiting for this support from 78 to be broken so I can enter a Short again! , I already had a superb short in the area of 83, I am waiting for a new entry possibility.
Example:
You have a car with problems, the problem is somewhere in the engine and you know that in the long term the car cannot take you to long destinations, but in order to go to short destinations, you go to the mechanic every month to fix the engine enough to last you another month, but long term, you know that one day the car won't work even in those short destinations and it simply won't work for me.
This is also the case with Crude Oil now, in MY OPINION< yes? it's just a personal opinion and you don't have to copy it.
My opinion is that OPEC and the necessary authorities at this moment are cutting production monthly to maintain the favorable price, but in reality without these cuts that have already been in place for several months, the price would have dropped a lot.
On the other hand, India made the first oil order for the first time in its history and will pay it in rupees, their national currency, this will impact the price of oil in the long term because in Brics, at this moment countries can pay in their national currency, the conversion was subsequently made automatically, unlike until now when India paid the contracts based on DOLLARS.
At the moment I am Neutral - Bearish on the Crude Oil price and I am waiting for this support from 78 to be broken so I can enter a Short again! , I already had a superb short in the area of 83, I am waiting for a new entry possibility.