OPEC vs $
Oil is generally a very speculative topic.
I've burned my hands on it a few times and I shouldn't be surprised if i should do it again.
Typically, oil can be very heavily influenced by news, like today.
Oil prices were heavily influenced by OPEC statements today, although the dollar regained strength on economic news. But that left the price of oil cold.
Apart from fundamental, we still have a chat-technical picture. I would certainly rate this as bearish. Once because:
- we are still in a downward trend and
- 2. there is still a very attractive gap to close down.
In any case, the rising dollar, which should bring the black gold to the bottom of the channel again, speaks fundamentally for this.
The added pattern is intended to represent the same purchase ratios.
I'm curious how it will continue next week.
I've burned my hands on it a few times and I shouldn't be surprised if i should do it again.
Typically, oil can be very heavily influenced by news, like today.
Oil prices were heavily influenced by OPEC statements today, although the dollar regained strength on economic news. But that left the price of oil cold.
Apart from fundamental, we still have a chat-technical picture. I would certainly rate this as bearish. Once because:
- we are still in a downward trend and
- 2. there is still a very attractive gap to close down.
In any case, the rising dollar, which should bring the black gold to the bottom of the channel again, speaks fundamentally for this.
The added pattern is intended to represent the same purchase ratios.
I'm curious how it will continue next week.
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