Crude: Time to Close the Long Position! Expected to Fall

Oil had a very nice rally (30%) since November, also the OPEC+ decision of cutting supply of 2M barrels/day has pushed the prices to $60 level.

*From April the Saudi is planning to increase the crude oil production to 12.3M Barrels/Day. The Increased supply, reduced demand from China, Oil entering in to the strong technical resistance area etc. factors expect to contribute to pushing the OIL prices down to $54’ish area in the coming weeks!

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With the recent Cold freeze in Texas has caused some supply disruption and also triggered more demand for the energy. This puts a pressure on the inventories. Oil is still trading in the HTF strong resistance area & seems lost steam for the upward momentum. I believe Oil is all set for the trend reversal, need wait with patience to go short.. Only after confirmation!!

Prasad_Ari

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Prasad_Ari