Possible reversal at the 70's support level.

16 mai 2023

There's a support level around the 70's. The trend has been going down since the tightening of the economy, the increase of the interes rates and the fight against inflation. At this point the momentum has been steadily increasing and for a bit it breached the postive side. The waves habe been decreasing, which means there is less participation on the bear side and probably a reversal of the trend. Early this month the price made a double bottom with a consistently increasing momentum, which signal a reversal.
My forecast is that the price of oil will attempt to reverse the trend and will test its resistance at the 85 level, which probably will happen by August/September.