A more optimistic bias!?
-Looking at a more optimistic bias, like it or not, the weakening of the dollar against the basket of global currencies (DXY), helps the US a lot.
-The price of the commodity that used to be traded almost "totally" in dollars, nowadays has part of its production being traded in other currencies, which helps the US to contain part of its generalized inflation.
-Based on graphical analysis, we have the commodity about to form a bearish pivot if prices start to work below the $73.93 line, opening real chances for the price of "black gold" to seek the following price regions: $67 .92 - $62.06 and finally $58.40.
-If prices reach the last level (1,618 FIBO), this price level could be characterized as a generalized recession!
-I believe that prices tend to seek the region of $68.00 and stay at that level to know which direction the world will go.
-We cannot forget the FED, if it raises its rate by 25bp, it will restrict consumption even more, which could contribute to the drop in oil prices reaching the level of $68.00.
-We'll have to wait and see! Can we trust this analysis? Lol!
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
-See below for other graphic reviews!
-The price of the commodity that used to be traded almost "totally" in dollars, nowadays has part of its production being traded in other currencies, which helps the US to contain part of its generalized inflation.
-Based on graphical analysis, we have the commodity about to form a bearish pivot if prices start to work below the $73.93 line, opening real chances for the price of "black gold" to seek the following price regions: $67 .92 - $62.06 and finally $58.40.
-If prices reach the last level (1,618 FIBO), this price level could be characterized as a generalized recession!
-I believe that prices tend to seek the region of $68.00 and stay at that level to know which direction the world will go.
-We cannot forget the FED, if it raises its rate by 25bp, it will restrict consumption even more, which could contribute to the drop in oil prices reaching the level of $68.00.
-We'll have to wait and see! Can we trust this analysis? Lol!
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
-See below for other graphic reviews!
Moment update. The daily chart suggests declines towards the 59.41 region.