Could correct to support levels of 114.15, 109.13 and 104.41 in the short term.
When WTI crude corrected from 130 to 93, a lot of traders shorted the crude with a view that it had peaked . If the prices challenge the 125 mark it could trigger massive short covering that will take WTI crude to 147.
ISDN form head and shoulder pattern last November. The stock continued to trade weaker thereon and broke below its 50 day-MA in Feb 2022. ISDN price is on a downtrend since.
How RHO Trade Plan correctly call a sell on DBS (SGX: D05) near its peak and took profit close to the recent bottom.
These are the reasons:
Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia. US and it’s European allies are mulling over the imposing sanctions on Russian oil .
The Bloomberg Commodity Index broke out from its uptrend channel to hit a 124 high today.