Oil: rising wedge providing possible movements
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.
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.
Trade active:
Short
Comment:
Nearly there