Despite the pessimistic news regarding shooting of a small city (following Russian policies) in Ukraine and the firing of US deputy ambassador in Moscow which make the matter more complicated. Analysis shows that the USOIL prices will start increasing over the next hours and the selling process will be increased after period of fluctuation around the uptrend line as a result of sellers uncertainty and long term buyers patience whom like a big jump in the price due to negative news reported from all political stakeholders.
The zoom view based one hour timeframe shows a two reversed candles followed by Doji candle which means that there would be an increase in the price over the major trending line and may reach the upper resistant zone at $93.xx per barrel.
As I believe and stated before, Putin's will escalate the matter but without involving his country in a face to face war. Russia is gaining an economic beneficial from top raise in oil and gas prices as a provider in addition to increase in gold pricing against a decrease in USD value.
The OPEC and OPEC+ members have an indirect impact on matter as they are refusing to increase the production to downgrade the oil prices as they are gaining benefit from the price raise by increasing their wealth (I mean gulf producers like KSA and Kuwait). The next future contracts (as of July 22) will be increased.
The zoom view based one hour timeframe shows a two reversed candles followed by Doji candle which means that there would be an increase in the price over the major trending line and may reach the upper resistant zone at $93.xx per barrel.
As I believe and stated before, Putin's will escalate the matter but without involving his country in a face to face war. Russia is gaining an economic beneficial from top raise in oil and gas prices as a provider in addition to increase in gold pricing against a decrease in USD value.
The OPEC and OPEC+ members have an indirect impact on matter as they are refusing to increase the production to downgrade the oil prices as they are gaining benefit from the price raise by increasing their wealth (I mean gulf producers like KSA and Kuwait). The next future contracts (as of July 22) will be increased.
Comment:
Linear Regression Trend is showing limits of price fluctuation
Comment:
Targets as per Fib Extention patter ( traders now are focusing on 0.5 and 0.618 levels)