Dear friends, Earlier, I listed my expectation of an extreme decrease in oil prices and the valid reasons for this.
$80-$85 levels are important support zone.
There is no reason for oil prices to drop to $60 levels.
Europe now imposes a ceiling price on Russian oil and gas.
Russia cuts off the supply against it.
Apart from that, Iran does not agree on the renegotiation of the nuclear deal.
According to Technical Analysis
Oil prices in the weekly term
Last week's candle close is not very good.
Maybe the price could drop a little more.
The price is now around $85, which is an important level of support.
If the price breaks this support level downwards, the next level of support is $82.
At worst, I expect a move from this level to $110-$115.
$80-$85 levels are important support zone.
There is no reason for oil prices to drop to $60 levels.
Europe now imposes a ceiling price on Russian oil and gas.
Russia cuts off the supply against it.
Apart from that, Iran does not agree on the renegotiation of the nuclear deal.
According to Technical Analysis
Oil prices in the weekly term
Last week's candle close is not very good.
Maybe the price could drop a little more.
The price is now around $85, which is an important level of support.
If the price breaks this support level downwards, the next level of support is $82.
At worst, I expect a move from this level to $110-$115.