From long-term analysis (Weekly Chart), Currently price of the oil is at lowest again since 2009 Feb Fin Crisis. Thus, on Fundamental perspective this is a bottom, Society is not ready and World Economies would not allow such a low price for an energy commodity (crucial one).In addition, I believe price of oil will rock till some point for sure. Fundamentally, it should reach price of 77 till 100 for couple of months.
On Technical basis, on weekly chart, se can see a divergence on RSI. Moreover, Current level of RSI is oversold too.
P.S
If there are more escalation in the world (Especially Syria, Ukraine, and possible S. Arabia/Yemen) prices could maybe go even more down. Not due to a shortages but economical war on energy price of oil (that is strong portion of GDP to Russia especially)
Have a nice trading week,
Vukman
On Technical basis, on weekly chart, se can see a divergence on RSI. Moreover, Current level of RSI is oversold too.
P.S
If there are more escalation in the world (Especially Syria, Ukraine, and possible S. Arabia/Yemen) prices could maybe go even more down. Not due to a shortages but economical war on energy price of oil (that is strong portion of GDP to Russia especially)
Have a nice trading week,
Vukman