Weekly Brent has broken a clear barrier and formed a Bull Flag pattern, but the subsequent rally has been weak, not even reaching the breakout level.
The global economy is showing signs of weakening, leading to a reduction in oil demand. Concurrently, Trump's move to lift US production restrictions is boosting oil supply. However, the slight depreciation of the dollar is providing upward pressure on oil prices.
Given these factors, Brent remains relatively weak, and we may see a continued decline in line with Scenario 1, potentially targeting ML by 2026. Further downside is also likely.
Given the current conditions, I consider shorting oil at any reasonable price on lower timeframes.
The global economy is showing signs of weakening, leading to a reduction in oil demand. Concurrently, Trump's move to lift US production restrictions is boosting oil supply. However, the slight depreciation of the dollar is providing upward pressure on oil prices.
Given these factors, Brent remains relatively weak, and we may see a continued decline in line with Scenario 1, potentially targeting ML by 2026. Further downside is also likely.
Given the current conditions, I consider shorting oil at any reasonable price on lower timeframes.
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