$BRENT, $UKOIL, m30, H4
FUNDAMENTALS
Saudi Arabia and Russia moved with determination to support oil prices, extending their respective ongoing production and export cuts through the end of the year. In an initial response to Tuesday’s news,
The extension of Saudi Arabia’s 1 million barrels per day (bpd1) cut through December reinforces “the precautionary efforts made by OPEC2 Plus countries with the aim of supporting the stability and balance of oil markets,” the Kingdom says. The cuts, which mean the Saudis will pump 9 million bpd until the end of the year, will be reviewed monthly to consider deepening the cut or increasing production, depending on the state of the market.
Russia also extended its 300,000 bpd export cut into December, with the option to review every month and potentially deepen the cuts or increase supply, according to market conditions.
Both Russia and Saudi Arabia need high oil prices to generate more budget revenues, but their support for “the stability and balance of oil markets” could unravel part of the efforts the Fed and other central banks have put in the past year and a half to curb inflation.
TECHNICALY
we broke the trend line and sitting on NOV 22 #BLACKSTRAT signals
WE SHOULD confirm the exit of the BIG FORK, as PA3 can continue to Rush out and seek some more LQ4 before to Profit.
SETUP
It is very interesting to continue studying #BLACKSTRAT signals…
there is the closure which mark/display the red line as a level to take into consideration
AND THERE IS THE TOP of the WICK which SHOW US ANOTHER LEVEL.
there is 3 possibilities to make a trade more OPTIMAL ! 2 SHORTS, and one “OCO5“
TRADE 1 > SHORT 90.72$ STOP 91.25$ ; T1 89.20$ ; T2 88.50$
TRADE 2 (SAFEST) > SHORT 90.34$ STOP 91.12$ ; T1 89.20$ ; T2 88.50$
TRADE 3 “OCO” > LONG 90.72$ STOP 90.20$ ; T1 94.10$ ; T2 96.15$
Take into consideration that 90.12$ – 90.66$ were H4 #BLACKSTRAT FORCE (4 SIGNALS!!!) as of NOV 2022
