scarcity scares (demand) can price reach $104 ?
on the start of the trading week Oil witnessed a big decline in value of more than 8% registering its worst loss since late 2021 , but even with the big loss oil prices are up 30% for the year , with much of the acceleration in price or bullish catalyst being the Russian- Ukraine invasion.
With little to no success in the peace talks between the two nations the demand scares seem to increase as Russia contributes a large percentage of the oil global market.
from my chart work price retested bullish trendline and failed to close below , it was also at a level of interest @ 93.21 which is a prev level of resistance now acting as support helping to push price to the upside , all these technical factors indicate a shift in momentum with extra confluence of price forming multiple full OHCL candlesticks above bearish parallel channel.
I have no trades yet on the as current market price does not give me a risk reward i am comfortable with, but i have a long bias on the commodity with all eyes on the $104 price area.
“I went through every emotion with tryna pursue what I’m doing, you know what I mean? And I think what’s gon’ separate whoever’s gon go for something, that you ain’t gon’ quit.” — Nipsey Hussle
With little to no success in the peace talks between the two nations the demand scares seem to increase as Russia contributes a large percentage of the oil global market.
from my chart work price retested bullish trendline and failed to close below , it was also at a level of interest @ 93.21 which is a prev level of resistance now acting as support helping to push price to the upside , all these technical factors indicate a shift in momentum with extra confluence of price forming multiple full OHCL candlesticks above bearish parallel channel.
I have no trades yet on the as current market price does not give me a risk reward i am comfortable with, but i have a long bias on the commodity with all eyes on the $104 price area.
“I went through every emotion with tryna pursue what I’m doing, you know what I mean? And I think what’s gon’ separate whoever’s gon go for something, that you ain’t gon’ quit.” — Nipsey Hussle
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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.