Oil Hitting An Important Technical Support
Oil has reverted to an important technical 50 weeks Moving Average. It is also hitting the 200 Day Moving Average on the daily chart.
It seems that it's encountering some buying pressure at these levels. We'll see if G7 countries can keep flooding the market with their reserves to bring down prices and if OPEC countries will increase production.
Frankly, I believe that prices will soar again simply because of fundamental tailwinds: our societies + all the developing ones increasingly need energy. Energy is life and development and the only reliable source is oil and nuclear. But nuclear is difficult and long to setup.
It seems that it's encountering some buying pressure at these levels. We'll see if G7 countries can keep flooding the market with their reserves to bring down prices and if OPEC countries will increase production.
Frankly, I believe that prices will soar again simply because of fundamental tailwinds: our societies + all the developing ones increasingly need energy. Energy is life and development and the only reliable source is oil and nuclear. But nuclear is difficult and long to setup.