The oil prices faced a strong resistance near the equilibrium level 77, causing a sudden selloff but was able to find support and has rebounded off.
The demand for oil will continue to increase or at least maintain a high capacity as the global economy recovers from the pandemic.
The rising channel has been readjusted and the price is currently right in the middle of the channel.
This week, we will look for buying opportunities as the rebound was strong and the recent selloff could be over.
We will wait for a pullback towards 72.8 before looking to buy again.
The demand for oil will continue to increase or at least maintain a high capacity as the global economy recovers from the pandemic.
The rising channel has been readjusted and the price is currently right in the middle of the channel.
This week, we will look for buying opportunities as the rebound was strong and the recent selloff could be over.
We will wait for a pullback towards 72.8 before looking to buy again.
