Oil correction finished or this is just a pull back?
US oil prices corrected to 77 as predicted a few days ago and bounced back once again!
Oil prices are usually influenced by different factors:
1- Supply: Production OPEC and Non-OPEC
2- Demand: higher in the cold seasons! seasonal!
3- Strategic Petroleum Reserve (SPR): changes are important!
4- Geopolitics: this one is the most important factor in fast changes in price!
I believe the last factor will play an important role in the next few days! Russia and Ukraine's tension could lead to the energy crisis in Europe!
Besides that, we have not seen any noticeable change in other factors!
Conclusion: Fluctuation between 77-85 is the most probable Scenario!
This analysis will become obsolete if prices close below 77 in the weekly and monthly charts!
You can see the most important support (green lines) and resistance (red lines) to watch in the coming days in these charts!
Best,
Moshkelgosha
DISCLAIMER
I’m not a certified financial planner/advisor, a certified financial analyst, an economist, a CPA, an accountant, or a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.
Oil prices are usually influenced by different factors:
1- Supply: Production OPEC and Non-OPEC
2- Demand: higher in the cold seasons! seasonal!
3- Strategic Petroleum Reserve (SPR): changes are important!
4- Geopolitics: this one is the most important factor in fast changes in price!
I believe the last factor will play an important role in the next few days! Russia and Ukraine's tension could lead to the energy crisis in Europe!
Besides that, we have not seen any noticeable change in other factors!
Conclusion: Fluctuation between 77-85 is the most probable Scenario!
This analysis will become obsolete if prices close below 77 in the weekly and monthly charts!
You can see the most important support (green lines) and resistance (red lines) to watch in the coming days in these charts!
Best,
Moshkelgosha
DISCLAIMER
I’m not a certified financial planner/advisor, a certified financial analyst, an economist, a CPA, an accountant, or a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.
Trade closed: target reached