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WTI - Technically and fundamental, long is more likely
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Loading...Crude oil prices continue to rise today, backed by US direct sanctions on exports of Iranian crude oil and OPEC's apparent desire to increase its output to meet high global demand.
US sanctions will come into force on November 4, with Washington putting pressure on governments and companies around the world to drastically cut their purchases of Iranian oil.
Earlier, before turning to the US General Assembly, Trump said, "I will not meet them until they change their tone, and we will meet." "I do not think they have a choice, we look forward to having a great relationship with Iran, but that will not happen now."
Technically, the price activates the inverted H&S formation, indicating a weakness of the initial impulse. Entry from the current levels will be risky, but the foundation remains in support of black gold, and any adjustment will be convenient for positioning long positions. In the mid-term, a top-of-$75 test is the most likely scenario.
Source: Reuters
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