Fundamental Analysis
The Russia-Ukraine war continues to put upward pressure on oil.
Monetary tightening and recession risk pull prices down.
In addition, the US government is trying to bring oil prices down.
Energy costs have an important element in rising inflation.
As a result of these data, we saw a decrease in oil prices.
Technical analysis
Monthly Maturity
The price is about to reach the $85 level by completing three black crow candle formations.
This level is also the trend support level.
I expect the price to move towards the 100-110 levels by getting a reaction from the $85 level.
Weekly Maturity
The OPEC decision, which came on the weekly due date, was effective.
After the Opec announcement, the price fell sharply, breaking the $93 support.
The downward trend may continue next week.
With the green descending trendline, the trend support is around $85.
I expect the price to decline from the $110 level after getting reaction from this point and approaching the green falling channel line.
Daily Maturity
When we examine the price movements in the daily short term; We can see the elliot wave pattern more clearly. The price is completing its last 5th wave.5. When we do the internal count of the last wave, it is understood that the price target is at $82. We may need to examine the price movements around $85-82.
Trade Recommendation: (Not Investment Advice)
Medium Term: By placing a stop loss at $85-82 at $.78, you can target $100-$115.
Short Term (Trading): We may need to make sure that the price returns from the $85-82 levels before opening a short term buy transaction.
Because; It can be risky to trade large volumes against the trend.
***You can adjust your position amount according to your own risk conditions.
The Russia-Ukraine war continues to put upward pressure on oil.
Monetary tightening and recession risk pull prices down.
In addition, the US government is trying to bring oil prices down.
Energy costs have an important element in rising inflation.
As a result of these data, we saw a decrease in oil prices.
Technical analysis
Monthly Maturity
The price is about to reach the $85 level by completing three black crow candle formations.
This level is also the trend support level.
I expect the price to move towards the 100-110 levels by getting a reaction from the $85 level.
Weekly Maturity
The OPEC decision, which came on the weekly due date, was effective.
After the Opec announcement, the price fell sharply, breaking the $93 support.
The downward trend may continue next week.
With the green descending trendline, the trend support is around $85.
I expect the price to decline from the $110 level after getting reaction from this point and approaching the green falling channel line.
Daily Maturity
When we examine the price movements in the daily short term; We can see the elliot wave pattern more clearly. The price is completing its last 5th wave.5. When we do the internal count of the last wave, it is understood that the price target is at $82. We may need to examine the price movements around $85-82.
Trade Recommendation: (Not Investment Advice)
Medium Term: By placing a stop loss at $85-82 at $.78, you can target $100-$115.
Short Term (Trading): We may need to make sure that the price returns from the $85-82 levels before opening a short term buy transaction.
Because; It can be risky to trade large volumes against the trend.
***You can adjust your position amount according to your own risk conditions.
