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OIL price: bad for stability, good for profits

OIL price: bad for stability, good for profits

Information is not investment advice

Looking at the hourly chart of the WTI oil price below, one may come to only one conclusion: the price of this asset is far from being stable. Well, for trading purposes, it’s rather good news. What are the prospects though?

The prospects are pretty much the same as what the headlines say most of the time: the virus hits new records around. For OPEC, and for the oil market in general, that means suspended demand recovery. Do you see that large shadow of the bearish candle over there extending down to $35? Well, don’t rub your eyes – it was a temporary but still a real dropdown in the trade. Nothing happened, just another “phantom” pain of the oil market. It’s really not that stable even with the price handing below $43. OPEC’s last meeting only highlight the plan to keep the production capacities subdued before the demand picks up enough to go on full gear. Therefore, watch your support probably more carefully than you do the resistance levels with oil.

WTI_OilH1.png

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Gaspar Markosyan

Gaspar Markosyan

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Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

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