All the stops have been pulled for US election season with the US Strategic Petroleum Reserve being drained to keep the price of oil down prior to election day. This is a short-term play for oil price relief and has already been priced in.
In terms of price action, oil has deviated below weekly range low and has now reclaimed. Expecting a high probability move in the short-term to at least the mid range of 99.5. Will re-evaluate once TP1 is reached to determine the probability of TP2.
Similar price action is marked on previous weekly range low deviation.
In terms of price action, oil has deviated below weekly range low and has now reclaimed. Expecting a high probability move in the short-term to at least the mid range of 99.5. Will re-evaluate once TP1 is reached to determine the probability of TP2.
Similar price action is marked on previous weekly range low deviation.