Oil Faces Bearish Turn After Speculative Spike
Since June 24, 2024, when oil prices reached $64 entered a 38-day bullish correction. Based on the chart, this move appears to be forming an ABC corrective pattern, which may now be nearing completion.
From here, a renewed decline is likely, with potential downside targets at $65, $60, and $56.
Geopolitical Speculation Oil prices jumped in recent days following President Donald Trump's heightened rhetoric toward Russia. His announcement of a tighter deadline to end the war in Ukraine, along with tariff threats targeting countries trading Russian oil, stirred market reactions.
However, this rally seems driven more by speculation, and oil may soon resume the bearish movement again.
You may find more details in the chart!
Thank you and Good Luck!
PS: Please support with a like or comment if you find this analysis useful for your trading day
Since June 24, 2024, when oil prices reached $64 entered a 38-day bullish correction. Based on the chart, this move appears to be forming an ABC corrective pattern, which may now be nearing completion.
From here, a renewed decline is likely, with potential downside targets at $65, $60, and $56.
Geopolitical Speculation Oil prices jumped in recent days following President Donald Trump's heightened rhetoric toward Russia. His announcement of a tighter deadline to end the war in Ukraine, along with tariff threats targeting countries trading Russian oil, stirred market reactions.
However, this rally seems driven more by speculation, and oil may soon resume the bearish movement again.
You may find more details in the chart!
Thank you and Good Luck!
PS: Please support with a like or comment if you find this analysis useful for your trading day
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
✅MY Recommended Broker is TRADE NATION
🔸bit.ly/49VySJF
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
✅MY Recommended Broker is TRADE NATION
🔸bit.ly/49VySJF
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.