a clear pullback on daily timeframe trendline with MACD div.
price clearly pullback on daily timeframe trendline along with MACD divergence are signs of bullish move despite heavy fall down of previous week .
so the lower line of the two channels could play a role of strong support to up the price
European Commission president calls for price cap on Russian oil so this could interrupt supply from one hand and from other hand Iran JCPOA will be revived as French source announced that it will be concluded within two weeks to strengthen the supply .it seems that major European powers along with USA are planning to cap the price of Russian oil which is exporting 7.7 mbpd and if Russia stop export they replaced it with Iran oil which is full capacity is 3.5 mbpd to balance the market but not completely so if this happen we will see a possible supply weakening.
we have also new interest rate hike hawkish announcement on September 20-21 which could be outweigh oil price
so the lower line of the two channels could play a role of strong support to up the price
European Commission president calls for price cap on Russian oil so this could interrupt supply from one hand and from other hand Iran JCPOA will be revived as French source announced that it will be concluded within two weeks to strengthen the supply .it seems that major European powers along with USA are planning to cap the price of Russian oil which is exporting 7.7 mbpd and if Russia stop export they replaced it with Iran oil which is full capacity is 3.5 mbpd to balance the market but not completely so if this happen we will see a possible supply weakening.
we have also new interest rate hike hawkish announcement on September 20-21 which could be outweigh oil price