black gold under bearish pressure + OPEC, weak global demand

the oil markets find themselves in a bearish chokehold with a number of factors weighing down on it such as the OPEC ( Organization Of Petroleum Exporting Countries) are expected to meet later this month on the 26 November 2023, there is a strong sentiment that they are expected to continue to cut production and distribution due to weak global demand.

technically i find that supply of proximal price @ 78.20 is in control of price and price is struggling to gain bullish momentum to keep trading above price of interest (support and resistance) @ 77.20

i have overall targets to liquidity areas @ 75.00


put together by Pako Phutietsile ( @currencynerd )

Trade geschlossen: Stop wurde erreicht:

took me out and reversed where i had my stops only to go my way! will get it on the next one