This rising wedge indicates a number of possibilities for the next movement in brent oil.
Could be a trigger for a bearish move down, or provide further momentum up to the mid $50s.
I think that given the views of the new Saudi oil minister al-Falih and the possible beginnings of a market rebalance following Saudi Arabia successfully pushing a chunk of the US out of the market (see Goldman Sachs), plus a wave of petrol demand in India, this will trigger the next move up towards $56 per barrel.
Could be a trigger for a bearish move down, or provide further momentum up to the mid $50s.
I think that given the views of the new Saudi oil minister al-Falih and the possible beginnings of a market rebalance following Saudi Arabia successfully pushing a chunk of the US out of the market (see Goldman Sachs), plus a wave of petrol demand in India, this will trigger the next move up towards $56 per barrel.
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Nearly there
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.