Oil: rising wedge providing possible movements

5 Haz 2016

This rising wedge indicates a number of possibilities for the next movement in brent oil.

Could be a trigger for a bearish move down, or provide further momentum up to the mid 50s.

I think that given the views of the new Saudi oil minister al-Falih and the possible beginnings of a market rebalance following Saudi Arabia successfully pushing a chunk of the US out of the market (see Goldman Sachs), plus a wave of petrol demand in India, this will trigger the next move up towards $56 per barrel.

17 Haz 2016

İşlem aktif

Short

27 Tem 2016

Not

Nearly there