OIl short view
Updated
OK, this is my take on the oil price for next year. As you can see, these are six-month candlesticks, and we have a broader overview of oil price movements. What we can notice are two big support and resistance zones. The lower zone is in the $30-$50 range, and the upper zone is in the $100-$115 range. Last year, we had a price breakout above the upper zone at the beginning of the events in Ukraine ($139), after which the price started to retreat despite all the announcements that it would fly to the heavens. Quite the opposite happened, and the price is starting to fall, currently at $72. New developments in Israel-Gaza and hints of the Venezuela-Guyana conflict, according to all analysts and experts, the price of oil should go up again, returning above $100. Of course that won't happen before we revisit the lower zone and dive between $40-$50.
What do you think about this scenario?
What do you think about this scenario?
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