Disclaimer: I'am working here just with technical analyses, this work is not include fundamental trends analyses, only few words and mathematical analysis.
Here is my thoughts of current oil price movement.
Last week was pretty good for a price, can we expect to downtrend for next week or next 2-3 days ?
In my opinion there was first try to leave channel (first wave), second was more successful (second wave) and now we can expect for a third wave?
1D MacD is shouting: SELL, but due to 4H MacD all is under control and we can expect for a new heights.
If we talk about growth: as for me i found only 2 growth waves, so i could expect 69.31 as first reversal level or 67.55. I can expect growth trend up to corridor created by 2 blue lines.
I believe that we will see 67.55, but confirmation of strong downtrend is under of grey corridor ( light blue area ).
News: Last week has positive news background about opec+ and etc. Can we expect support of positive news background or the decrease in investors' interest after last week's news? US report told us about huge crude oil reserves and low reserves of gasoline... WTI confidently going down on this news. Russian Ruble, MICEX index looks strong and MICEX oil industry index has positive trend.
Here is my thoughts of current oil price movement.
Last week was pretty good for a price, can we expect to downtrend for next week or next 2-3 days ?
In my opinion there was first try to leave channel (first wave), second was more successful (second wave) and now we can expect for a third wave?
1D MacD is shouting: SELL, but due to 4H MacD all is under control and we can expect for a new heights.
If we talk about growth: as for me i found only 2 growth waves, so i could expect 69.31 as first reversal level or 67.55. I can expect growth trend up to corridor created by 2 blue lines.
I believe that we will see 67.55, but confirmation of strong downtrend is under of grey corridor ( light blue area ).
News: Last week has positive news background about opec+ and etc. Can we expect support of positive news background or the decrease in investors' interest after last week's news? US report told us about huge crude oil reserves and low reserves of gasoline... WTI confidently going down on this news. Russian Ruble, MICEX index looks strong and MICEX oil industry index has positive trend.