Oil has declined more than 50% in just a few months. A terribly steep decline. Sentiment has turned, with analysts finally embracing the bear, forecasts of sub $40, even down to $20 are not uncommon. This is therefore a time to look for at least a short term bottom.
While these targets are possible given time, the chart is begging for a reaction with RSI severely oversold, and plenty of space to move upwards.
Russia is playing games with NATO, cutting of gas to Europe, creating shortages of energy. This is a fundamental motive.
What we have here that tells us it is time to go long is a clearly defined impulsive wave forming from lows. This EW pattern combined with bearish sentiment and bullish fundamentals is an easy buy signal, stop-loss under lows.
While these targets are possible given time, the chart is begging for a reaction with RSI severely oversold, and plenty of space to move upwards.
Russia is playing games with NATO, cutting of gas to Europe, creating shortages of energy. This is a fundamental motive.
What we have here that tells us it is time to go long is a clearly defined impulsive wave forming from lows. This EW pattern combined with bearish sentiment and bullish fundamentals is an easy buy signal, stop-loss under lows.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.