🛢️ CRUDE OIL - Time for a New Rally 💀

War is on and the Oil correction could be over right now.

Price dropped below 100$ (we were quiet surprised to be honest) and perhaps it's time to load ong positions on, again.

There are 2 fundamental factors for this correction:

1. Russia indicated it is in favor of the Iran nuclear deal resuming as soon as possible.

Ceasefire talks between Russia and Ukraine further eased fears of supply disruptions and surging COVID-19 cases in China fueled concerns about slower demand.

2. Ukraine hopes, China lockdowns : Hopes for a diplomatic solution in Ukraine continued to weigh on oil prices Tuesday, along with COVID-19 lockdowns in China, pushing prices of both Brent and U.S. crude down to levels not seen in two weeks

There are bigger reasons why the price could bounce back up next: War in Ukraine and Inflation.

We are going LONG here. Do your own research and ride the Bull (or the Bear). Good luck to all.

One Love,

the FXPROFESSOR