🔰 Forecast April Oil USOIL K2:
The biggest problem next month will be the war in Ukraine, as a lot of Russian oil will be withdrawn from the markets.
The counterweight will be the fact that we are moving closer to Iranian oil with the agreement between Iran and the USA, as well as the possibility of reopening Venezuela.
If this is the case, a fairly large supply will open up in the market, which could lower prices.
The @ $ 100 level seems to offer some support, as this is not only an area where we have seen structural support, but it is also a psychologically important number.
If we break below, then I think the market will look towards the level of @ $ 95.
There is more structural support in this area, so I think falling below $ 95 would put quite a lot of selling pressure.
Upward, I think the $ 120 level is most likely a lot of resistance, so breaking higher could reopen the move toward highs.
So we have a few clear levels that we need to pay close attention to in order to make us more profitable.
I expect the month of April to be chaotic, as we saw during the month of March.
However, a certain type of inertia that is created cannot last forever.
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