Since my last post, oil WTI has set a lower high but successfully bounced off of the daily 50 day moving average. We are now approaching a critical juncture where the wedge will either break upwards or downwards. You can see just how tight the trading range is between the 50 day moving average and the 20 day moving average.
It's tough to call which way it will go in the next few days as the end of this wedge plays out with so many factors to consider.
1.) Ongoing war in Ukraine (bullish)
2.) Structure supply deficit (more of a long-term trend which is moreso bullish than bearish)
3.) U.S. Fed signaling the first of potentially multiple .50 rake hike upcoming next month (bearish market-wide even though oil tends to do well in times of rake hikes per Francisco Blanch
and many others I won't list here.
Good luck trading!
It's tough to call which way it will go in the next few days as the end of this wedge plays out with so many factors to consider.
1.) Ongoing war in Ukraine (bullish)
2.) Structure supply deficit (more of a long-term trend which is moreso bullish than bearish)
3.) U.S. Fed signaling the first of potentially multiple .50 rake hike upcoming next month (bearish market-wide even though oil tends to do well in times of rake hikes per Francisco Blanch
and many others I won't list here.
Good luck trading!