Macroeconomic Overview
On the oil side, supply-side problems continue.
It is be tried to find alternative solutions to rising oil prices.
We see this situation especially in Europe and China, which create high demand.
Apart from this, OPEC (especially the UAE) does not want oil prices to fall sharply and become volatile.
*Europe and China's orientation to alternative sources (Coal-Wood-Nuclear)
*Prince Selman's explanations.
*Iran European Union negotiations.
*The very low course of America's strategic oil reserves.
*Ukraine-Russia war.
Oil prices may continue to be turbulent for a short while.
According to Technical Analysis
Oil Prices in Monthly Maturity
Brent Oil is hovering close to the $100 levels, even though the trend is pushing its support.
Today, the last day for the monthly candle closing may be the monthly candlestick pinbar fomation.
The fact that the lengths of the candlesticks are close to each other and there are 3 can be interpreted as a three crow formation.
I do not expect a new peak.
But max. We can see an increase up to 125 minimum $115 levels.
In the long term, we can see a downward price correction of the 5-wave rise according to the elliot wave pattern.
💥Oil Prices in Weekly Maturity
Upper and lower support-resistance lines are important.
Important resistance levels are the $108-115-125 levels.
On the oil side, supply-side problems continue.
It is be tried to find alternative solutions to rising oil prices.
We see this situation especially in Europe and China, which create high demand.
Apart from this, OPEC (especially the UAE) does not want oil prices to fall sharply and become volatile.
*Europe and China's orientation to alternative sources (Coal-Wood-Nuclear)
*Prince Selman's explanations.
*Iran European Union negotiations.
*The very low course of America's strategic oil reserves.
*Ukraine-Russia war.
Oil prices may continue to be turbulent for a short while.
According to Technical Analysis
Oil Prices in Monthly Maturity
Brent Oil is hovering close to the $100 levels, even though the trend is pushing its support.
Today, the last day for the monthly candle closing may be the monthly candlestick pinbar fomation.
The fact that the lengths of the candlesticks are close to each other and there are 3 can be interpreted as a three crow formation.
I do not expect a new peak.
But max. We can see an increase up to 125 minimum $115 levels.
In the long term, we can see a downward price correction of the 5-wave rise according to the elliot wave pattern.
💥Oil Prices in Weekly Maturity
Upper and lower support-resistance lines are important.
Important resistance levels are the $108-115-125 levels.
