Oil touching the top of its current zone.

27 de set. de 2023

ITs been a while since i wrote about Oil, but watching the current price action makes me smile. The west is losing the commodity price battle with OPEC+. You can reference my past posts, but $94 has been my call for some time now. In my opinion its a key resistance level, and if it passes this into the new zone, we will see alot of volitivity a and rapid inter-day swings. Traditionally Oil has had a self-defeating relationship with high prices, but i feel we may see something deferent this time. In the mature western economies we see demand tapper, but with the developing world, especially Africa consuming more energy on their way out of poverty, the price may prove to be resilient. Obviously production cuts help, but the world is never a clear glass window for all to see what is happening. Its more like the teenager upstairs in their bedroom blaring loud music, you know somethings going on up there, but you just cant make out exactly what... hopefully the world isnt blowing the pot smoke out the window while mom and dad cook supper downstairs...

As always, do you homework! Invest at your own risk, and have fun!