The oil in 2018 will be going through an interesting stage in the face of global trends to start developing electric technology and OPEC countries interested in keeping prices at certain levels by reducing production.
To understand a bit this global trend in charts we have to use a long period, in this case weekly. The first thing that jumps into our view is the ascending trend that is dangerously close to its resistance area by current structure.
Its historical resistances marked in the chart show quite high price levels, far from what the experts have planned (around $56USD) which seems interesting. We will have to see how it develops but it is always good to go from long to short chart periods and thus have a much more structured framework with a main trend.
I hope it is useful..... happy new year!
To understand a bit this global trend in charts we have to use a long period, in this case weekly. The first thing that jumps into our view is the ascending trend that is dangerously close to its resistance area by current structure.
Its historical resistances marked in the chart show quite high price levels, far from what the experts have planned (around $56USD) which seems interesting. We will have to see how it develops but it is always good to go from long to short chart periods and thus have a much more structured framework with a main trend.
I hope it is useful..... happy new year!
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Will this be the last push?
