Technical analysis
The price is above the averages. We will watch if the moving averages will work as support.
An analysis as below was made in the past. I do not expect the price to rise above $129. It seems that oil prices will hover above $63 for a long time.
It seems reasonable to buy at $94 and sell at $110-120.
Fundamental Analysis;
Today, the US non-farm employment PMI index and unemployment data were released.
If the FED narrows the balance sheet and raises interest rates sharply, the US economy may go into recession, which will cause a decrease in oil demand.
The FED will try to keep the interest rates balanced with inflation. This situation will become more important in the coming periods.
The price is above the averages. We will watch if the moving averages will work as support.
An analysis as below was made in the past. I do not expect the price to rise above $129. It seems that oil prices will hover above $63 for a long time.
It seems reasonable to buy at $94 and sell at $110-120.
Fundamental Analysis;
Today, the US non-farm employment PMI index and unemployment data were released.
If the FED narrows the balance sheet and raises interest rates sharply, the US economy may go into recession, which will cause a decrease in oil demand.
The FED will try to keep the interest rates balanced with inflation. This situation will become more important in the coming periods.