Ascending channel or Ascending Wedge
I remain bearish on OIL in the short term, price went massively way too high and current easing of output cuts should lead to correction.
Some countries are entering again into lockdowns due to Delta Covid Variants, mainly in SouthEast Asia, and IRAN seems close to a deal with EU, USA.
Furthermore President Biden has allowed the release of 84 million barrels of the SPR to counter effect the unstoppable rising prices due to alleged oil shortages.
The higher they go, the more chances to revive the US Shale industry...
Let's see where the prices go from OPEC's decision. I think 77 should be the ceiling of the rally otherwise massive inflation and further decisions will be taken.
Cheers fellow traders.
Some countries are entering again into lockdowns due to Delta Covid Variants, mainly in SouthEast Asia, and IRAN seems close to a deal with EU, USA.
Furthermore President Biden has allowed the release of 84 million barrels of the SPR to counter effect the unstoppable rising prices due to alleged oil shortages.
The higher they go, the more chances to revive the US Shale industry...
Let's see where the prices go from OPEC's decision. I think 77 should be the ceiling of the rally otherwise massive inflation and further decisions will be taken.
Cheers fellow traders.