Oil: Supply Cut by OPEC+, Potential Bull Run?
Hi Fellow Traders,
Oil prices have impulsively rebounded after reaching the EMA200 line, thus continuing their bullish trend. Concurrently, the prices have formed a falling wedge pattern, which was subsequently followed by a breakout of said pattern. Additionally, the MACD Indicator has exhibited a bullish divergence. The breakout of this pattern and the presence of a Bullish Divergence both signal the potential for an upcoming upside movement, targeting area 1. Following the attainment of target 1, we anticipate a possible pullback to the yellow zone before the continuation of its movement towards the second target.
Fundamental Drivers
Beyond technical factors, oil prices might sustain levels above $80, supported by diminishing oil inventories and supply reductions from the OPEC+ coalition. It is expected that Saudi Arabia will prolong a voluntary oil output reduction of 1 million barrels per day into October.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
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Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered as a recommendation to take a long or short position on
USOIL
."
Oil prices have impulsively rebounded after reaching the EMA200 line, thus continuing their bullish trend. Concurrently, the prices have formed a falling wedge pattern, which was subsequently followed by a breakout of said pattern. Additionally, the MACD Indicator has exhibited a bullish divergence. The breakout of this pattern and the presence of a Bullish Divergence both signal the potential for an upcoming upside movement, targeting area 1. Following the attainment of target 1, we anticipate a possible pullback to the yellow zone before the continuation of its movement towards the second target.
Fundamental Drivers
Beyond technical factors, oil prices might sustain levels above $80, supported by diminishing oil inventories and supply reductions from the OPEC+ coalition. It is expected that Saudi Arabia will prolong a voluntary oil output reduction of 1 million barrels per day into October.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered as a recommendation to take a long or short position on
USOIL
."
تعليق:
Breakout confirmed of the horizontal classic resistance area, we expect the price to hit our target :)
تعليق:
Hit Target 1, Cheers to us :)
تعليق:
Positive Sentiment for Rising Oil Prices Hypothesis:
Saudi Arabia has officially declared the continuation of its independent production reduction of 1 million barrels per day, extending this measure until the conclusion of December. Concurrently, Russia has reduced its oil exports by 300,000 barrels per day, a commitment that will remain in effect until the end of the current calendar year.
Saudi Arabia has officially declared the continuation of its independent production reduction of 1 million barrels per day, extending this measure until the conclusion of December. Concurrently, Russia has reduced its oil exports by 300,000 barrels per day, a commitment that will remain in effect until the end of the current calendar year.
أغلقت الصفقة: تم الوصول للهدف:
Hit Target 2, Congrats the bull run doesn't end yet :)
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