Hello traders price over 85.64 is seen as bullish so for bullish scenario the focus should be on tightening supply. The factors influencing this narrative are the OPEC+ production cuts, the EU embargo on Russian energy products and falling U.S. stockpiles. All of these factors appear to be weighing on worries over recession-driven demand destruction and the release of SPR crude.
the SPR release announcement made earlier in the week is likely to keep a lid on prices over the short-run. But once its impact is over then sentiment will turn bullish because of supply restrictions from OPEC+ and the EU embargo on Russian crude.
A harmonic pattern is also seen with a wolfe wave pattern to get better confidence in bullish move
the SPR release announcement made earlier in the week is likely to keep a lid on prices over the short-run. But once its impact is over then sentiment will turn bullish because of supply restrictions from OPEC+ and the EU embargo on Russian crude.
A harmonic pattern is also seen with a wolfe wave pattern to get better confidence in bullish move
Note
price is retracing downward and then resume its upward move . some harmonic pattern in lower time frame are seen and also it seems that price is in wave 2 of larger wave 3 of bullish moveNote
reason behind downward move i told earlier about harmonic pattern in lower time frameNote
please see usdcad analysis as correlated with usoil 
Note
we see a harmonic pattern on future oil contract but not on spot one.wait to see how much oil will go down
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.