allegations of Human Rights violations are, IMHO, playing an important strategic role for the dynamics of supply and demand and the management of oil price control. Saudi Arabia was placed under unprecedented scrutiny, and economic and political pressure from the international community because of this. A lot of European Countries have stopped the sale of arms to Saudi Arabia over the incident. Canada is still considering freezing its arms deal. U.S. lawmakers too are considering to take action against the crown prince for his role in the murder of journalist Jamal Khashoggi. Senator Lindsey Graham said in an interview on Jan 19 to Bloomberg :“Congress will send a very clear signal to the world and Saudi Arabia that we would not be doing business as usual. There’s strong bipartisan support not only to condemn the actions of Saudi, MBS, but actually do something about it.” The heir to Saudi Arabia’s monarchy has so far largely dodged any reprisals against himself, with President Donald Trump opting in November to impose sanctions against 17 lower-level Saudis implicated in the murder following global outrage. Critics in Congress have said that was only an initial step, with a bipartisan group proposing stronger penalties including suspending the sale of arms to the Riyadh government in a challenge to the Trump administration.
The recovery period following the low in 2016 was stopped on Oct.2nd, 2018 by the assassination of Jamal Khashoggi.
Such event triggered a bearish impulse that helped breakout the distrubutive channel (pink). The fall was supported at $42,30 where it found support 4 times in the past (1234 in red).
From $42,30 price re-tested the lower trendline of the upper channel (pink) right when Saudia Arabia executed 37 people on terrorism charges.
Below some screeshots providing infos:
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
@Crude_Trader, nice set up for a pullback from that stop level. Sentiment may be picking up and price may follow. Hope your idea gets +15likes so we can have updates. Lol and tx for sharing