Brent oil price to remain elevated in range 84 - 90
Hello traders,
As predicted earlier, with OPEC+ increasing supply from the beginning of 2022, the price for oil rose up and above 85. Upside trend has taken a pause or in technical terms "retracement" or "consolidation" after a strong up momentum.
As we can see in 4hrs charts upward momentum from 77 levels till 91. Now we will see prices move in range 84.5 - 89.5 for some time before it hikes to 100 levels.
Brent oil outlook for now and for next two months is not good for oil importing countries.
Reasons:
1. Increase in supply by OPEC+ and Shale gas producers cannot keep up with the demand.
2. Geo-political issue with Ukraine, Russia and NATO group of countries.
3. Frequent extreme weather is undermining the global supply chain making commodities expensive.
Happy trading,
As predicted earlier, with OPEC+ increasing supply from the beginning of 2022, the price for oil rose up and above 85. Upside trend has taken a pause or in technical terms "retracement" or "consolidation" after a strong up momentum.
As we can see in 4hrs charts upward momentum from 77 levels till 91. Now we will see prices move in range 84.5 - 89.5 for some time before it hikes to 100 levels.
Brent oil outlook for now and for next two months is not good for oil importing countries.
Reasons:
1. Increase in supply by OPEC+ and Shale gas producers cannot keep up with the demand.
2. Geo-political issue with Ukraine, Russia and NATO group of countries.
3. Frequent extreme weather is undermining the global supply chain making commodities expensive.
Happy trading,
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.