Oil Primed for Price Rally? Author – Connor Woods, Senior Market Analyst Date: June 1st
Abstract：Oil prices continue to yield profits for traders buying this market. Despite it seeming overstretched, the fundamental outlook remains robust. Check out this crude oil price analysis now.
Oil Primed for Price Rally？
Author : Connor Woods, Senior Market Analyst
Date: June 1st 2022
Oil prices continue to yield profits for traders buying this market. Despite it seeming overstretched, the fundamental outlook remains robust. Check out this crude oil price analysis now.
Fundamental Outlook
Shanghai is lifting its COVID-19 lockdown as of today. This will allow people to leave their homes and drive their cars from tomorrow. This is demand that wasn't there last month.
Europe has also now slashed oil imports from Russia. It is necessary given the situation in Ukraine, but the effects will be long term and should keep oil prices high for a long time.
Technical Outlook
Oil prices were previously stuck in a range. However, the recent breakout has been an assured one, giving traders confidence this market can go much higher.
Look for prices to react from the imbalance at 112, and then moving on to test the mid 120's. This would yield a 1:3 risk reward trade if successful.
Everyone at Zenfinex hopes you are having a great trading week. If you would like to know more about the products we offer, feel free to visit www.zenfinex.com.
Author : Connor Woods, Senior Market Analyst
Disclaimer: Trading Foreign Exchange is highly speculative and may not be suitable for all investors. The leverage created by trading on margin can work against you and losses can exceed your entire investment. Only invest with money you can afford to lose and ensure that you fully understand the risks involved.
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