corrected outlook for oil short term sell
I realized the chart I used earlier was not correctly updated, its still showing 04/13/22 date and hasn't updated for 04/14 or 04/17. waiting for the market it to correct itself, wick off the trendline. For a confirmation for a sell I would wait for a break and retest of structure, with the fundamental aspect of news I see oil retesting pervious highs of possible $113
Currently the market had a brief pause before the long Easter Weekend. Looking to break the pervious resistance and go to $108.00. Currently no signs of price rejections at current resistance line. Has not broken trend-line. If this trade were to go into a sell I would wait for a break and retest of current trend-line. To the pervious support of $98.75 area Looking at the daily time frame oil made a shape similar to a M, it did not break the support at around $93.75. It broke the down-trend looking to head back to pervious highs of $115.
Fundamental Outlook:
The UK has pledged to phase out Russian oil , and coal imports. The final outcome is planned on April 24th so it does not effect their current election. Russian President Putin signed a decree ordering foreign buyers to pay for gas shipments in roubles (russian currency) instead of Euros or face going without Russian Supplies. Most European buyers have refused to do this, prompting concerns about supply ( oil price goes up) European Union treat to ban Russian oil imports has the potential to send prices significantly higher. UK gas demand excepts higher in the next six months between April and September 2022 compared to 2021.
China's almost nationwide COVId lockdown has triggered the first large scale demand roadblock as well.
Currently the market had a brief pause before the long Easter Weekend. Looking to break the pervious resistance and go to $108.00. Currently no signs of price rejections at current resistance line. Has not broken trend-line. If this trade were to go into a sell I would wait for a break and retest of current trend-line. To the pervious support of $98.75 area Looking at the daily time frame oil made a shape similar to a M, it did not break the support at around $93.75. It broke the down-trend looking to head back to pervious highs of $115.
Fundamental Outlook:
The UK has pledged to phase out Russian oil , and coal imports. The final outcome is planned on April 24th so it does not effect their current election. Russian President Putin signed a decree ordering foreign buyers to pay for gas shipments in roubles (russian currency) instead of Euros or face going without Russian Supplies. Most European buyers have refused to do this, prompting concerns about supply ( oil price goes up) European Union treat to ban Russian oil imports has the potential to send prices significantly higher. UK gas demand excepts higher in the next six months between April and September 2022 compared to 2021.
China's almost nationwide COVId lockdown has triggered the first large scale demand roadblock as well.
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