Hi guys! ππ»
π Saudi Arabia refused to increase oil production requested by President Biden. However the strong US Dollar and uncertainties in Chinese economy hold Crude oil prices from a stronger hike. Market will be watching the relaunch of Nord Stream 1 this Thursday which will have a massive impact on DXY, energy sector commodities.
π As for the technical analysis, implementing the Elliott Wave theory, we might consider that oil is on its way to display newer highs.
π See charts below
π Fibonacci 0.618 level of last weeks correction
βπ» Good luck with your trades! βπ»
If you like the idea hit the ππ» button, follow me for more ideas.
π Saudi Arabia refused to increase oil production requested by President Biden. However the strong US Dollar and uncertainties in Chinese economy hold Crude oil prices from a stronger hike. Market will be watching the relaunch of Nord Stream 1 this Thursday which will have a massive impact on DXY, energy sector commodities.
π As for the technical analysis, implementing the Elliott Wave theory, we might consider that oil is on its way to display newer highs.
π See charts below
π Fibonacci 0.618 level of last weeks correction
βπ» Good luck with your trades! βπ»
If you like the idea hit the ππ» button, follow me for more ideas.
Nothing is true, everything is permitted.
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π€ I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
_________________________________
π€ I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz