Here Are 3 Things You Need To Know âTechnicallyâ about the High and Low Oil Price
Brent crude oil prices rose steadily for months and surged more than 72% over the last one year-climbed to 14- years high of $139 per barrel. After fluctuating wildly the price per barrel of Brent oil appreciated more than 33% since Russia invaded Ukraine on February 24 and eventually fell dramatically to about 30% from the peaks to give up all the gains and touched the lows of $96.90 per barrel.
Later on, prices retreated up again to $107.80 per barrel levels. Traders fretted over the fragile moves and markets are thrown completely out of whack. In the midst of geopolitical drama and fears of supply disruptions, there’s just no certainty about where oil prices are heading. In order to correctly understand the ongoing price tussles and manage your risk timely,
Here are 3 important things you need to know technically about the fragile oil price moves:
1-Trend channel