➡️ The oil market is dominated by panic about the fact that supposedly the price of raw materials expects a significant fall. The G7 countries are trying to limit the transportation of Russian oil if it is sold at a price above the limit. The head of the European Council, Charles Michel, said that the EU countries would be ready to introduce such a measure after they were convinced that it would negatively affect Russia, and not themselves. And it is very likely that this will be the case. In addition, one should not forget about India and China, which were not "specially" asked about such a proposal for Russian oil .
China and India may thwart G7 plans to impose price caps on Russian oil . The idea of the "Big Seven" may have a negative impact on global energy markets.
On July 3, the New Jersey edition, citing American expert Patrick De Haan, reported that the G7 idea to limit oil prices from Russia seems illogical. According to the expert, the G7 statement can only aggravate the situation and push oil prices up.
Fundamentally, the conclusion is that the current actions taken on the political map by the major powers are more likely to drive up commodity prices. However, it is not worth expecting an oil price of $350 as suggested by JPMorgan Chase analysts. This forecast is inadequate (according to the author). The level of $140 is considered to be an adequate forecast for oil , as the same Goldman Sachs analysts stated.
Technically, the price is in the area of strong support $97.63-$103.33. The first target for growth is at $103, from there buyers will attempt to return to the descending channel , after which growth to $110, $115 should be expected. Medium and long-term targets are located at the levels of $120 and $130.
The negative point will be fixing the price below the $97.63-$103.33 area, however, in this case, given the current military-political situation, fundamental analysis can reverse the trend in one second.
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👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
China and India may thwart G7 plans to impose price caps on Russian oil . The idea of the "Big Seven" may have a negative impact on global energy markets.
On July 3, the New Jersey edition, citing American expert Patrick De Haan, reported that the G7 idea to limit oil prices from Russia seems illogical. According to the expert, the G7 statement can only aggravate the situation and push oil prices up.
Fundamentally, the conclusion is that the current actions taken on the political map by the major powers are more likely to drive up commodity prices. However, it is not worth expecting an oil price of $350 as suggested by JPMorgan Chase analysts. This forecast is inadequate (according to the author). The level of $140 is considered to be an adequate forecast for oil , as the same Goldman Sachs analysts stated.
Technically, the price is in the area of strong support $97.63-$103.33. The first target for growth is at $103, from there buyers will attempt to return to the descending channel , after which growth to $110, $115 should be expected. Medium and long-term targets are located at the levels of $120 and $130.
The negative point will be fixing the price below the $97.63-$103.33 area, however, in this case, given the current military-political situation, fundamental analysis can reverse the trend in one second.
➖➖➖➖➖➖➖
👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
