The great test!

-As the moment presented, in a previous analysis, the SETUP used showed great possibilities for prices to seek the region of 68.00, even with the consistent cuts of the OPEC+ "cartel". And there went the prices, testing the region mentioned.

-I see that the current moment is one of digestion on the part of investors, where they will be poring over their spreadsheets to try to find a safer path, since the Fed is really willing to contain persistent inflation.

-After the rise of the Fed and the "cartel" cutting oil production, it's time for the big test for the capitalist world!

-Graphically speaking, prices need to break the bearish channel (stay above 72.45) if the bulls want to chase away the prevailing downtrend.

-The big obstacle for the bulls at the moment is in the region of 74.07, where, if prices do not overcome this range, the price increase to the mentioned value will be characterized as a "pull back" of continuation of the falls.

-If prices overcome this region (74.07), the downward trend will momentarily be interrupted, leaving only the bulls to overcome the long average that will be just above to scare away the downward trend once and for all.

-Below I show the two possible scenarios for the next few days based on technical/graphic analysis.

-Scenario 1. Continuation of declines