OPEC+ Drama is Over, What About Oil?
4H Chart
Daily Chart
Crude Oil dropped sharply last week right from our selling zone mentioned in our weekly video between 75.50 and 76.60, Brent Crude declined to 72.20’s nearing our 72.14 target mentioned in our weekly video as well. Now when OPEC+ drama is over, the trend hasn't necessarily changed. There are two factors that we need to keep in mind, i) Iran's supply is still expected to hit the global market soon ii) Covid19 is spreading again with a new variant affecting vaccinated people. Some countries already took new measures such as a partial lockdown. If this continues, Oil is likely to remain under pressure. In the meantime, it's wise to close some of the short positions and wait for another opportunity, while it is also possible to move the stop to our entry.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 72.58 | 72.68 | 72.83 | 72.93 | 73.08 | 73.18 | 73.33 |