Crude oil will probably find its long term top soon
Updated
After almost two and a half years, i decided to come back to tradingview again. Right now i am working for one of the largest commodity trading houses and covering our metals trading business in Asia. In the future, i will try to share as much as my personal views at here, also you all welcome to challenge and discuss.
In the last few months, we see an incredible inflation increased in Europe and USA due to the Ukraine war. The gap of export push the price of almost all kinds of commodities to the historical high, including agriculture products, energy products, metals, etc. The people in Europe and USA are suffering from this sudden increasing of living cost, which also brings a lot of pressures to their governments.
For crude oil, I think those leaders will give up to the inflations and try their best to buy Russian oil and Russian gas to lower down their domestic energy price. ( I believe that they will also buy a lot of corn and wheat from Russia ) In the other hand, the Fed's rate hiking decision will keep bringing pressures to the commodity market. So due to the economic cycle and potential cooling down of global energy crisis, I think Crude oil will find its long term top soon.
At the technical side, i marked two resistances and one support line. For sure, the resistance zone will attract many bears to join the fight.
In the last few months, we see an incredible inflation increased in Europe and USA due to the Ukraine war. The gap of export push the price of almost all kinds of commodities to the historical high, including agriculture products, energy products, metals, etc. The people in Europe and USA are suffering from this sudden increasing of living cost, which also brings a lot of pressures to their governments.
For crude oil, I think those leaders will give up to the inflations and try their best to buy Russian oil and Russian gas to lower down their domestic energy price. ( I believe that they will also buy a lot of corn and wheat from Russia ) In the other hand, the Fed's rate hiking decision will keep bringing pressures to the commodity market. So due to the economic cycle and potential cooling down of global energy crisis, I think Crude oil will find its long term top soon.
At the technical side, i marked two resistances and one support line. For sure, the resistance zone will attract many bears to join the fight.
Note
Nice drop after Fed's rate decision.Trade closed: target reached
Wow, another nice drop! Crude oil is just broke $100 and moving towards its strong sopport. And I decide to close this trade at here with more than $20 profit. In the next few weeks, crude oil will probably move around the support area if there's no fundamental change. I still bearish this oil market and will keep posting my ideas on my profile.
Note
See? The crude oil bounced from the solid support area.Note
Crude oil is testing then solid support again and again. Let's see what will happen next.
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