Demand on oil will remain unchanged during year 2022 as economies recover from COVID-19 pandemic, prices will rise up as economies try to push above 2019 numbers.
But this rise in prices will be managed by supply distributions as long term high oil prices harm production prices and a lot of economies, supply will increase to stabilize prices.
Chart say supply zone around 100 dollars, and now the price move in rising wedge completing three up moves of it, correction to down side and then a rise is the most probable thing.
Remember we trade the chart not the economy, fundamentals and micros give us sense of the long term direction, but it tells nothing about the future price movement.
But this rise in prices will be managed by supply distributions as long term high oil prices harm production prices and a lot of economies, supply will increase to stabilize prices.
Chart say supply zone around 100 dollars, and now the price move in rising wedge completing three up moves of it, correction to down side and then a rise is the most probable thing.
Remember we trade the chart not the economy, fundamentals and micros give us sense of the long term direction, but it tells nothing about the future price movement.
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