The price may rise to $82 but could also fall to about $70.
101.9 million barrels of oil will be consumed worldwide per day.
By next year, the oil markets appear to be oversupplied.
Highlights
Lower Russian output and more demand brought on by China's reopening could help oil prices.
Low demand and a bleak macroeconomic outlook for China
- When the Energy Information Administration releases its inventory figures on Wednesday, more oil-related information will be available.
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**First Scenario - Long:**
Initial Target: $80.90
Entry: $79.08
Stoploss: $77.47
**Second Scenario - Short:**
Initial Target: $74
Entry: $78.34
Stoploss: $79.2
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After a long wait, I am currently waiting for this pair to give me my confirmation for a Short position (Data)
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Take into consideration:
It appears that the market has settled in a range of $79.44 to $76.86, with the 7.68 retracement level above the latter being significant.
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NFA
DYOR
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Good Luck!
⚠️Caution: Just because I've set my buy and sell position Settings or drawn direction lines on my chart doesn't indicate I've opened a position or am obsessed with a particular bias. This is only a forecast; I don't trade when the price reaches my level; I have rules of engagement. Perhaps the most crucial element is 🆘RISK MANAGEMENT🆘.
Trade active:
You can book the first target here...Stay Updated on Wednesday's data release