Given the optimism over China re-opening, oil is not doing great at all. Brent looks like it is heading to $80 a barrel from here.
The latest weakness of course has a lot to do with the OPEC+ deciding against even steeper output cuts than those agreed in October. At the weekend, the group agreed to stick to its oil output targets.
In October, the OPEC+ had...
Q1 2023
Current competition between Russia and Arabs dumping their holding signals ..
Off load ASAP.
I view price will reflect soon.
Be on the watch.
I see no impact or no new tension escalating should arise soon.
Commentary:
Despite the optimism around the reopening of China from COVID restrictions, oil prices remain vulnerable to fears of a global economic slowdown. The EU’s price cap at $60 per barrel while OPEC+ is expected to maintain existing production targets adds towards the bearish outlook on price.
Brent crude : Last weeks gains can be viewed as a...
On the monthly chart we can see brent short movement from 133$ moving in a falling wedge, my target 60$ area is 0.382 fibo retaracement of the bullish movement started @16$ and stopped @133$.
So we can see the move from 133$ to 60$ a correction of the primary bullish trend started from 16$ so I expect from 60$ the restarting of the long term bullish trend with...
UKOIL broke through the descending channel .
The price action tested the trendline and closed below it.
It failed to make a higher high, resulting in an H&S pattern.
The market is making a pullback on the larger scale of the bearish trend .
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There are three main fundamental reason for this analysis.First of all, due to insufficient investment there will be massive lack of supply in next 10 years.secondly,Geopolitical tensions in Middle East will be definitely increased by coming Republican party in The Withe House.Third reason, Fed policy in recent 20 years have left no way except accepting 6% or 7%...
Let's start considering the situation on the oil market from the weekly timeframe gradually descending to the hourly.
The global picture appears as follows – since 2008, quotes have been in a descending channel with a peak at $ 147 per barrel. In March 2020, pushing off from the lower border of the channel at $ 16, a medium-term uptrend was born, which lasted...
UKOIL broke through the descending channel .
The price action tested the resistance zone twice, then dropped.
It failed to make higher high. Price is losing strength.
The market is making a pullback on the larger scale of the bearish trend .
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The momentum from April 2020, in my opinion, looks incomplete, growth is likely to continue - the goal for 2022 is 155$ per barrel of Brent crude oil .
❌ STOP - 1w close <85$
Good luck in making independent trading decisions! Bye!
