Technicals:
- Potential Reversal from 4H Order Block to the upside or
- Downtrend continuation to the next 4H Order Block (Price Range: $ 78 - $ 76)
Fundamentals:
- OPEC+ Production cut announcement (5-10-2022) >> Will push price higher if successful
- US-led efforts to ease supply crunch. >> Downtrend to continue to Price Range: $ 78 - $ 76 if successful
OPEC+ vs. the US: Who Controls Oil Prices?
The directional bias of oil prices in the coming weeks will be determined by the fundamental impact of the US vs OPEC+
- Potential Reversal from 4H Order Block to the upside or
- Downtrend continuation to the next 4H Order Block (Price Range: $ 78 - $ 76)
Fundamentals:
- OPEC+ Production cut announcement (5-10-2022) >> Will push price higher if successful
- US-led efforts to ease supply crunch. >> Downtrend to continue to Price Range: $ 78 - $ 76 if successful
OPEC+ vs. the US: Who Controls Oil Prices?
The directional bias of oil prices in the coming weeks will be determined by the fundamental impact of the US vs OPEC+