Crude oil posted its sixth consecutive weekly gain last week helped by lower OPEC+ supply and stimulus hopes fueling a recovery in oil demand in China.
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We may witness some fluctuations during the coming weeks in the event of a new global conflict igniting within Africa, particularly in Niger.
technically
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Breaking the descending price channel was the first indication for the end of the bearish trend for oil and the beginning of the formation of a new trend.
Prices are now trading near strong resistance levels, if broken and stability at the highest levels of $84 per barrel will be the second indicator (as shown in the figure) to confirm the bullish trend, and we may witness a rise in prices to levels of $96 within a few weeks.
The scenario is valid, provided trading continues above $81 levels
π§
We may witness some fluctuations during the coming weeks in the event of a new global conflict igniting within Africa, particularly in Niger.
technically
ππ
Breaking the descending price channel was the first indication for the end of the bearish trend for oil and the beginning of the formation of a new trend.
Prices are now trading near strong resistance levels, if broken and stability at the highest levels of $84 per barrel will be the second indicator (as shown in the figure) to confirm the bullish trend, and we may witness a rise in prices to levels of $96 within a few weeks.
The scenario is valid, provided trading continues above $81 levels