scarcity scares (demand) can price reach $104 ?
on the start of the trading week Oil witnessed a big decline in value of more than 8% registering its worst loss since late 2021 , but even with the big loss oil prices are up 30% for the year , with much of the acceleration in price or bullish catalyst being the Russian- Ukraine invasion.
With little to no success in the peace talks between the two nations the demand scares seem to increase as Russia contributes a large percentage of the oil global market.
from my chart work price retested bullish trendline and failed to close below , it was also at a level of interest @ 93.21 which is a prev level of resistance now acting as support helping to push price to the upside , all these technical factors indicate a shift in momentum with extra confluence of price forming multiple full OHCL candlesticks above bearish parallel channel.
I have no trades yet on the as current market price does not give me a risk reward i am comfortable with, but i have a long bias on the commodity with all eyes on the $104 price area.
“I went through every emotion with tryna pursue what I’m doing, you know what I mean? And I think what’s gon’ separate whoever’s gon go for something, that you ain’t gon’ quit.” — Nipsey Hussle
With little to no success in the peace talks between the two nations the demand scares seem to increase as Russia contributes a large percentage of the oil global market.
from my chart work price retested bullish trendline and failed to close below , it was also at a level of interest @ 93.21 which is a prev level of resistance now acting as support helping to push price to the upside , all these technical factors indicate a shift in momentum with extra confluence of price forming multiple full OHCL candlesticks above bearish parallel channel.
I have no trades yet on the as current market price does not give me a risk reward i am comfortable with, but i have a long bias on the commodity with all eyes on the $104 price area.
“I went through every emotion with tryna pursue what I’m doing, you know what I mean? And I think what’s gon’ separate whoever’s gon go for something, that you ain’t gon’ quit.” — Nipsey Hussle
Trade active:
1st target reached
Trade closed: target reached