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Oil US Crude (£1) Short


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It looks like Oil price just reached its peak twice within a 30 days frame showing a relaxed movement, indicating a possible trend change starting next week with the 1st price target at 11500 – 11485. Enjoy your weekend!

Not a financial advice, just a personal analyse and visual interpretation of a related plan/ chart!

Oil - US Crude (£1)_20220603_19.03.png

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On 03/06/2022 at 20:09, RomPathsSwap said:

Oil price

 

On 04/06/2022 at 14:43, hoss83 said:

I would agree was very tempted to enter a short position but waiting to see if it will try another push before trend reversal. 

Hi @RomPathsSwap and @hoss83

Thanks for sharing!

Crude oil made a 2-month high today with the WTI futures contract trading as high as 120.99 US$ bbl and the Brent contract reaching US$ 121.95 bbl early in the Asian session. Both have since eased off more than a dollar.

Last week, OPEC+ members agreed to lift daily production quotas, but it seems apparent that the cartel will be unable to hit their targets. The fall in US inventories revealed by the Energy Information Administration (EIA) on Thursday has also underpinned crude.

Today, Saudi Aramco raised the price for their Asian customers while they kept the price steady for their US clientele. The lift of US$ 2.10 bbl was more than anticipated.

Written by Daniel McCarthy, Strategist for DailyFX.com. 6th June 2022

 

All the best - MongiIG

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