⭐️BRENT: forecast for May 9-May 13
➡️ Oil usually rises and falls with the stock market because the prices of both markets are like a proxy for economic activity. But in recent years, these relationships have collapsed. Oil growth may continue to outperform.
Stock markets fell and oil prices held. It is more likely that oil will continue to outperform equities on a cross-asset basis. If you are in a place where economic activity is strong now but could also slow down in the coming years, stock and credit markets could start to weaken even as energy prices hold.
Oil prices could rise even more if the conflict in Ukraine escalates, a scenario that is likely to push prices down in other asset classes. But if geopolitical risk subsides, there could be a recovery in growth, greater economic confidence and more demand for energy, meaning that oil may not fall much compared to future expectations. This should support the oil.
Technically, oil is not expected to fall below 110$ - 111$ this week. Longs can be entered from current prices. The target for the deal is supposed to be at the level of 115$.
➖➖➖➖➖➖➖
👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
Stock markets fell and oil prices held. It is more likely that oil will continue to outperform equities on a cross-asset basis. If you are in a place where economic activity is strong now but could also slow down in the coming years, stock and credit markets could start to weaken even as energy prices hold.
Oil prices could rise even more if the conflict in Ukraine escalates, a scenario that is likely to push prices down in other asset classes. But if geopolitical risk subsides, there could be a recovery in growth, greater economic confidence and more demand for energy, meaning that oil may not fall much compared to future expectations. This should support the oil.
Technically, oil is not expected to fall below 110$ - 111$ this week. Longs can be entered from current prices. The target for the deal is supposed to be at the level of 115$.
➖➖➖➖➖➖➖
👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
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.