Recently, there has been a weaker supply response from US oil producers to higher prices and stabilization of stock levels following the abnormal freezing temperatures in Texas last week.
Technically, the price reached a long-term resistance line and a supply zone around 63-66.5.
I expect a rollback to support level 51.6. There is a big chance this year to reverse the long-term trend for bulls. I don't believe the oil price has surpassed 80 until 2022.
Best regards EXCAVO
Technically, the price reached a long-term resistance line and a supply zone around 63-66.5.
I expect a rollback to support level 51.6. There is a big chance this year to reverse the long-term trend for bulls. I don't believe the oil price has surpassed 80 until 2022.
Best regards EXCAVO
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