Hello traders price over 85.64 is seen as bullish so for bullish scenario the focus should be on tightening supply. The factors influencing this narrative are the OPEC+ production cuts, the EU embargo on Russian energy products and falling U.S. stockpiles. All of these factors appear to be weighing on worries over recession-driven demand destruction and the release of SPR crude.
the SPR release announcement made earlier in the week is likely to keep a lid on prices over the short-run. But once its impact is over then sentiment will turn bullish because of supply restrictions from OPEC+ and the EU embargo on Russian crude.
A harmonic pattern is also seen with a wolfe wave pattern to get better confidence in bullish move
the SPR release announcement made earlier in the week is likely to keep a lid on prices over the short-run. But once its impact is over then sentiment will turn bullish because of supply restrictions from OPEC+ and the EU embargo on Russian crude.
A harmonic pattern is also seen with a wolfe wave pattern to get better confidence in bullish move
Comment:
price is retracing downward and then resume its upward move . some harmonic pattern in lower time frame are seen and also it seems that price is in wave 2 of larger wave 3 of bullish move
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reason behind downward move i told earlier about harmonic pattern in lower time frame
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please see usdcad analysis as correlated with usoil
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we see a harmonic pattern on future oil contract but not on spot one.
wait to see how much oil will go down
wait to see how much oil will go down