Brent Oil - Bullish/Bearish Scenario

2020年6月18日

The overall trend has been downwards this year (even before covid-19). Brent has lost some momentum since it's getting overbought and the extended fifth wave is completed. At this point we have completed a ABC correction and started an uptrend again. I'm not sure if we are closing the the top of a B wave in a downtrend or at the start of a new uptrend. The momentum has been loosing and we didn't even fill the gap under 50. Could potentially reverse quite big but let's see. I guess we can't expect any significant gains in oil prices until we have solved this corona situation. The inventories are still very high and the demand is low. What could trigger a rise though is if OPEC+ and US decide to increase oil prices targeting China as an debt for them instead of tariff taxes. They are the no.1 consumer of oil so that would be a reasonably thing to happen consider the trade war...