Will Putin's Intervention Rally Oil? Watch 46.00 For Clues
According to a new Bloomberg interview Mr Putin is pushing for OPEC and Iran to halt oil supply in order to rally prices above $50 a barrel.
The measure of success will be a close above $46.00 as it was breakout above this level that previously took oil above $50.00.
Given the nature of oil any major exporter announcing they want to cut supply should provoke a short term rally and 46.00 is in view given Friday's close failed to break the 61.80% fib level.
A sell trade is still on the cards with price failing to close above 44.64 where we have prior structure so now it's a matter of waiting for exhausted candles at this level or if we see a spike upwards from Mr Putin's words.
The measure of success will be a close above $46.00 as it was breakout above this level that previously took oil above $50.00.
Given the nature of oil any major exporter announcing they want to cut supply should provoke a short term rally and 46.00 is in view given Friday's close failed to break the 61.80% fib level.
A sell trade is still on the cards with price failing to close above 44.64 where we have prior structure so now it's a matter of waiting for exhausted candles at this level or if we see a spike upwards from Mr Putin's words.
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