Crude oil confirms the bearish trend, having pressured from intermediate-term peak. The fair price, according to the STEO forecast, stays at around $60 and that level might be perceived as a target area for the current price swing.
Geopolitical agenda adds more pressure on oil, as Steve Witkoff, the special negotiator from Donald Trump’s team, has visited Moscow and had a positive effect from talks with Vladimir Putin. Next week, markets will look forward to potential three-sided talks between Ukraine, Russia and the US. This situation adds more pressure to the already bearish Crude oil market.
One may think of cautious short positions in the direction of a price swing, closing it before “the news”.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
Geopolitical agenda adds more pressure on oil, as Steve Witkoff, the special negotiator from Donald Trump’s team, has visited Moscow and had a positive effect from talks with Vladimir Putin. Next week, markets will look forward to potential three-sided talks between Ukraine, Russia and the US. This situation adds more pressure to the already bearish Crude oil market.
One may think of cautious short positions in the direction of a price swing, closing it before “the news”.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
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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.
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.