USOIL - WTI Crude Oil Technical Analysis
Based on yesterday's Goldman Sachs analysis, crude oil prices will get hire in 2022.
My analysis:
1. Several times tested at $40. There was no proper breakout.
2. Lockdowns are extended in many countries, the demand is low.
Technical Analysis:
Based on CPR, open a
Sell: 39.94 (current market)
Take Profit: 39.66
Stop Loss: 40.18
(Click on image to enlarge)
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and today the take profit is reached. But the stop loss was hit long ago. LOL
Crude oil prices will rise if the demand rises more than the supply. And if there is a re-closing of areas recently opened then probably the demand will not increase. And if the additional regulations relative to speculation on petroleum futures are implemented then perhaps the rise will wait for the increase in demand.
The best will be if the Fed does not interfere, but instead allows natural selection to prevail. Way to often, short term fixes cause longer term problems.