CL1 Short to 0.618 fib
Updated
IRAQ IS SEEKING HIGHER OPEC+ PRODUCTION BASELINE: DELEGATE
UAE ENERGY MINISTRY SAYS NO AGREEMENT HAS BEEN REACHED YET WITH OPEC+ ON SUPPLY DEAL, DELIBERATIONS CONTINUE
With the OPEC agreement in a state of deliberation, and compliance a real question, the market is needing to price in some bearish risk potential. Especially given the recent extension that we've had. I believe that there is a real market deficit still, but this bearish risk is also very real.
I would be comfortable entering a short CL1 position until around $70, and reassessing before flipping long.
Of course, any significant news can change this view... all eyes on are OPEC
UAE ENERGY MINISTRY SAYS NO AGREEMENT HAS BEEN REACHED YET WITH OPEC+ ON SUPPLY DEAL, DELIBERATIONS CONTINUE
With the OPEC agreement in a state of deliberation, and compliance a real question, the market is needing to price in some bearish risk potential. Especially given the recent extension that we've had. I believe that there is a real market deficit still, but this bearish risk is also very real.
I would be comfortable entering a short CL1 position until around $70, and reassessing before flipping long.
Of course, any significant news can change this view... all eyes on are OPEC
Note
Update: 0.618 breached, and continued well past 0.5 before reversing.
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