OIL.WTI on resistance. Iran comment: Trump is “self harm” when it comes to the price of oil

Iranian OPEC governor  Hossein Kazempour commenting on the US president actions.
He said Trump, putting pressure on international companies not to buy Iranian oil, “self ham”, as these actions only lead to an increase in oil prices. In some ways, this makes sense, but after the OPEC + agreement and the fact that Saudi Arabia is in focus at the moment, the market will not pay enough attention to this at this point. Either way, this issue has been pretty much baked into market expectations for quite some time.

Kazempour also added that oil should not be used as a weapon for political gains in Trump’s arsenal.

5 Steps to Tradе Like a Pro

At the same time, the WTI oil has reached resistance and today it corrected to $ 73.49 per barrel. The D chart form a pin bar, which is a price action signal for probable correction – Initially up to horizontal support levels, 23.6% Fibo level, and diagonal support in the area at 72.20 / 72.70. In case of a breakthrough in the support zone, the downward correction will continue to test the diagonal trend line of the current upward trend, which coincides with 50% Fibonacci correction of the last upward movement, horizontal support and SMA 50 in the area around 69.50.

 Head of Trading Dimitar Kalapov

Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance