Oil prices pick up again, the big picture remains volatile

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WTI Oil Technical Analysis, Overview, Strategies and Levels

Energy received a lot of attention yesterday, especially with regard to natural gas prices following the events in Russia and comments from its president and deputy prime minister (who is also the former Minister of Energy), the first asking for proposals on how to stabilize the energy market. and that Gazprom would send more gas via Ukraine than initially planned, and the latter suggesting to sell additional volumes on the company’s electronic platform and emphasizing the certification of the already completed Nordstrom 2 gas pipeline.

For oil prices (where at these levels the source of movement is the energy crisis), the pullback has slipped below key support levels, easily giving the edge to conformist breakout strategies. Any further volatile move with this intensity would mean that levels will have a hard time holding up, keeping breakout strategies in line with its volatile technical outlook while those looking to go against the grain may consider reversals (but ideally after a breakout). break / significant break first to avoid being stopped on the first try).

And given that there are factors outside of oil prices but in the energy realm to consider, its overview is different from what would normally have been an uptrend where most of its technical indicators are flashing green. , and prices at the lower end of its bullish channel after briefly breaking past it the day before.

Inventory data from the Energy Information Administration (EIA) showed an increase of 2.3 million barrels of oil above expectations and that of API, gasoline rose while distillate declined slightly.


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