🔹 Against the background of statements by the Iranian Foreign Ministry about the difficulties remaining at the end of the next round of negotiations in Vienna, WTI oil has renewed records since October 2018, reaching $ 71.69, but fell back to $ 71.27 after the opening of European exchanges.
🔹Although the deal to lift sectoral sanctions, including against the oil sector, has been agreed in principle, unresolved issues remain - political, technical, legal and practical, Iranian Foreign Ministry spokesman Said Khatibzade said on Monday. In this regard, the agreement to return Tehran to the 2015 nuclear deal has been postponed, he admitted.
🔹The market expected that the lifting of the oil embargo against Iran would take place before the presidential elections, but "now it seems that this will not happen." The elections will be held on June 18.
The statements from Tehran, in fact, indicate that the negotiation process has slowed down significantly - it is not a fact that an agreement will eventually be reached. For oil , this is naturally a plus, but only in theory. A shake-up is needed to continue higher quality growth. And we see how the political strategists are playing the next show.
In view of the above, I assume that after the elections, oil quotations will drop by 3-6%. During the weekend, even a gap on the charts is possible with the completion of more distant targets.
SELL signal - (73.00 - 73.60)
Stop Loss - 74.20
Target 1 (71.50 - 72.00)
Target 2 (70.00 - 70.70)
I make my trade with my broker