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.
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.
