Crude oil posted its sixth consecutive weekly gain last week helped by lower OPEC+ supply and stimulus hopes fueling a recovery in oil demand in China.
🚧
We may witness some fluctuations during the coming weeks in the event of a new global conflict igniting within Africa, particularly in Niger.
technically
📈🎙
Breaking the descending price channel was the first indication for the end of the bearish trend for oil and the beginning of the formation of a new trend.
Prices are now trading near strong resistance levels, if broken and stability at the highest levels of $84 per barrel will be the second indicator (as shown in the figure) to confirm the bullish trend, and we may witness a rise in prices to levels of $96 within a few weeks.
The scenario is valid, provided trading continues above $81 levels
🚧
We may witness some fluctuations during the coming weeks in the event of a new global conflict igniting within Africa, particularly in Niger.
technically
📈🎙
Breaking the descending price channel was the first indication for the end of the bearish trend for oil and the beginning of the formation of a new trend.
Prices are now trading near strong resistance levels, if broken and stability at the highest levels of $84 per barrel will be the second indicator (as shown in the figure) to confirm the bullish trend, and we may witness a rise in prices to levels of $96 within a few weeks.
The scenario is valid, provided trading continues above $81 levels