IRI has been in a stage one consolidation for a while now. History says it knows how to trend. It might need another week or so to tighten up, but looks like it has been supported and accumulated. Supply may dry up soon and a new trend will begin
Weekly chart: Pinbar so Price will go down >>> sell Daily chart: We can see price was in supply area so price would go down by BEAR team H4: as we can see, when price touched the supply area, it shown bearish engulfing and a down pinbar
- IMO key take aways from the report was the highlighting of brexit as a downside risk and readjusting global growth as a result - despite the UK being only 4% of world GDP. Nonetheless OPEC went on to stress that oil supply side is likely to abate over the next year with demand excess reducing supply stocks - this is likely going to see an increased price in oil...