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In the midst of oil rally

Olymp Trade

Brent crude oil is near the upper limit of the medium-term price channel again. Bulls are trying to gain the foothold above $68.0. If they succeed in it, we can expect an update of an annual high in the $69.0-70.0 per barrel zone. If the sellers are stronger, the price might return to $66.6. This level has been supporting the quotes for more than 2 weeks and it is an excellent entry point for going long.

Fundamental factors are generally positive. After the US Federal Reserve announced that the interest rate will not rise in the nearest future, the interest of investors in risky assets and oil, in particular, should increase. An increased seasonal demand for oil has also begun. But most importantly, the US has tightened sanctions against Iran and Venezuela, which are to come into effect in May. OPEC is to make the next move, let's see how the cartel will react.

There are also negative factors: although the trade war is nearly over, Trump is likely to leave tariffs on Chinese goods for a “substantial period.” Mueller’s investigation ended in his favor, so the President can continue to intervene in the market because he needs a low price for “black gold”.

Olymp Trade Review

Source: https://olymptrade.com/
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