UKOIL Brent Crude TECHNICAL OVERVIEW
Recently, there has been a lot of news about the fact that oil futures have recently doubled after the last fall, that JP Morgan has earned a couple of billions, and so on and so forth.
It is a rumor that oil will fall again to $ 20 per barrel, I honestly do not really believe in this scenario, since oil is not only a trading product but has a certain influence factor from different countries, so most of the OPEC and OPEC + participants will try to speculate prices and other traders will help them in this.
Now I am exiting LONGS for oil because traders are trying to close the GAP, so we have a certain level where we can observe further price developments.
If we discard the speculative market and look from a technical point of view, we have two variations.
1. In which I very much believe this is breaking through the support level, a small correction, and going up to the golden ratio.
2. This is the exit from the channel and the fall, where we will wait for the bear rally to expire. and buy it again.
I would like to note that this analysis carries with it the subjective opinion of the author and does not force trading and is not a signal for buying or selling instruments.
Take care of yourself, like, and subscribe to my channel, leave comments, and write your own about the current situation.
It is a rumor that oil will fall again to $ 20 per barrel, I honestly do not really believe in this scenario, since oil is not only a trading product but has a certain influence factor from different countries, so most of the OPEC and OPEC + participants will try to speculate prices and other traders will help them in this.
Now I am exiting LONGS for oil because traders are trying to close the GAP, so we have a certain level where we can observe further price developments.
If we discard the speculative market and look from a technical point of view, we have two variations.
1. In which I very much believe this is breaking through the support level, a small correction, and going up to the golden ratio.
2. This is the exit from the channel and the fall, where we will wait for the bear rally to expire. and buy it again.
I would like to note that this analysis carries with it the subjective opinion of the author and does not force trading and is not a signal for buying or selling instruments.
Take care of yourself, like, and subscribe to my channel, leave comments, and write your own about the current situation.
now we can start to search for support and resistance zone