technical view:
a wolfe wave pattern completed also 5 wave impulsive is seen to be completed also a divergence on RSI
it seems that WTI trying to reach its wolfe wave target as 83$
fundamental view:
Tight supply concerns are being driven by another draw in U.S. stockpiles, OPEC+ output cuts and the upcoming embargo of Russian oil by the European Union.
Worries about a global recession are being fueled by a sharp rise in the U.S. Dollar, which could dampen foreign demand for dollar-denominated oil.
The greenback is being bolstered by a surge in Treasury yields, making the dollar a more attractive investment.
Yields are being driven higher by hawkish commentary from Fed Chairman Jerome Powell who said on Wednesday it was premature to consider pausing rate increases.
a wolfe wave pattern completed also 5 wave impulsive is seen to be completed also a divergence on RSI
it seems that WTI trying to reach its wolfe wave target as 83$
fundamental view:
Tight supply concerns are being driven by another draw in U.S. stockpiles, OPEC+ output cuts and the upcoming embargo of Russian oil by the European Union.
Worries about a global recession are being fueled by a sharp rise in the U.S. Dollar, which could dampen foreign demand for dollar-denominated oil.
The greenback is being bolstered by a surge in Treasury yields, making the dollar a more attractive investment.
Yields are being driven higher by hawkish commentary from Fed Chairman Jerome Powell who said on Wednesday it was premature to consider pausing rate increases.
הערה:
הערה:
another leg up before down move
הערה:
Please take care of this scenario . As unemployment rate of USA released higher and usdcad made head and shoulder so usoil is intensely bullish .let's update and get better insight