Key resistance held for Oil, bouncing down again

16 בדצמ׳ 2022

As previously indicated, Oil was testing resistance just below $78 and that level held firm. Seems the negativity around demand and the economic slow down is winning the short term battle over tight supply. Fundamentally speaking I'm bullish into Q3 2023 for oil as people wake up to the supply and inventory issues. But for now we will have to let this correction play out. As always have fun! Do your homework, trade at your own risk.