1. Bears are still having the upper hands since Tuesday and push the prices to the lowest level since 08/02/22. Bulls fail to push up the prices to the first level of resistant (red) zone and even to break the minor downtrend line (dashed blue).
2. Prices still fluctuating inside the testing zone between $107.6x and $111.1x. In case bulls succeed to break minor trend and testing zone, they will have to exert another effort to break the minor resistant line coming from the EMA200 @ $111.93 so they can continue their way to the upper limit of the supporting (green) zone.
3. I must annotate that by now prices will find strong support @ 61.8% level. Market will continue stable with limited short deals inside the supporting (green) zone and will fluctuate between $102.4x as support and $111.9x as resistant.
4. I think the reason that prices lost approx. 16.8% of its value since 08/02/22 is due to the pumping of oil inside the US market to maintain the price levels @ $5.00/gallon. This is important for the existing US administration as the democratic party is willing to keep their sharing percent in the partial election of the congress. Also, the news coming from OPEC+ group that UAE will increase their oil production to decrease expected shortage in international market as well as the encouraging processes exerted by US to Venezuela to increase their production impacting the depreciation of prices.
2. Prices still fluctuating inside the testing zone between $107.6x and $111.1x. In case bulls succeed to break minor trend and testing zone, they will have to exert another effort to break the minor resistant line coming from the EMA200 @ $111.93 so they can continue their way to the upper limit of the supporting (green) zone.
3. I must annotate that by now prices will find strong support @ 61.8% level. Market will continue stable with limited short deals inside the supporting (green) zone and will fluctuate between $102.4x as support and $111.9x as resistant.
4. I think the reason that prices lost approx. 16.8% of its value since 08/02/22 is due to the pumping of oil inside the US market to maintain the price levels @ $5.00/gallon. This is important for the existing US administration as the democratic party is willing to keep their sharing percent in the partial election of the congress. Also, the news coming from OPEC+ group that UAE will increase their oil production to decrease expected shortage in international market as well as the encouraging processes exerted by US to Venezuela to increase their production impacting the depreciation of prices.
Comment:
LinRegrssion Channel: Prices must break the channel's upper limit
