Oil reverses for now! Trading Views, 08.06.2021, by Mario
Latest on oil:
The Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - decided in April to return 2.1 million barrels per day to the market from May through July. The producers stuck to that decision sparking a rise in oil prices. Furthermore, OPEC and its allies expect oil inventories to fall further in the coming months
Technical analysis shows signs of price reversal at least until the middle of June. I would expect any more rise in oil prices until demand boost in July as expected. The market shows clearly that it fell below the lower barrier of the channel. It moved downward and stopped at the 61.8% Fibonacci retracement level. Will this be an opportunity to buy? Better to wait until an upward trend is formed again and verified.
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