The Middle East in distress with the ongoing military operations - another front opened. While currently the Suez- Canal is still operational, many ships seem to avoid it and take the route around the Cape of Good Hope. That includes the shipping giants Hapag, Maersk and CMA CGM. Most important BP to pause all oil tanker transits through the red sea. Delays wont be avoidable and dimishing the supply in oil for the next weeks. Also the current talks between Saudi Arabi, Iran and China seem to support that theory.
From a TA perspective we can see that price bounced 5 times at the bottom area of the current range (0% Level), including everytime price trying to pushing lower but strong buying happened.
Price targets are based on a daily liquidity level (target 1) and target 2 on the center of the range aswell a strong S/R level.
Trades will be taken on the LTF, with one trade opened already earlier.
Good luck
Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)