Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
Oil: about to beat $63?
2022-12-20 • Updated
After reaching $63, WTI oil bounced downwards. Partly, that was due to the news that the US oil reserves turned to be more than expected - that's still the echo of the virus preparations that made many oil producers stockpile oil in case of an emergency deficit. However, as the demand is picking up, it seems those stockpiles may be no longer needed: the recovering global economy needs more oil. Therefore, the demand side of the equilibrium is on the good track now. The supply is what may have bigger concerns: we are yet to see how Russia and Saudi Arabia resolve their issues during a new round of OPEC+ talks on March 4. Technically, the channel indicated in the below chart appears to be valid in the short-term: after crossing $63 into the upside, the price is expected to make another correction - possibly, to $62, and then will pick up again. Watch it closely as the closer it is to the OPEC+ meeting, the more the volatility of the oil price may become.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...