Oil prices have been tearing higher since the start of November, rising more than 40% to return to far healthier levels.
The rally has started to slow though and with so much good news - vaccines, OPEC+ deal, US stimulus deal (almost) - now priced in, I wonder whether we're about to see a bit of a corrective move.
WTI has trended higher nicely, following the 55/89 period SMAs on the 4-hour chart and a break of this may be the first clue that it's run its course.
WTI peaked just above $49 today, entering what has been a major area of support over the last couple of years before becoming resistance in early 2020.
While a US stimulus deal would be positive for oil demand in the coming months, I wonder how much it is already priced in. It may give crude a small bump but would profit taking then kick in?
The rally has started to slow though and with so much good news - vaccines, OPEC+ deal, US stimulus deal (almost) - now priced in, I wonder whether we're about to see a bit of a corrective move.
WTI has trended higher nicely, following the 55/89 period SMAs on the 4-hour chart and a break of this may be the first clue that it's run its course.
WTI peaked just above $49 today, entering what has been a major area of support over the last couple of years before becoming resistance in early 2020.
While a US stimulus deal would be positive for oil demand in the coming months, I wonder how much it is already priced in. It may give crude a small bump but would profit taking then kick in?
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.