In a world often rocked by geopolitical convulsions, the black gold—oil—often finds itself at the epicenter of economic conversations. This week, it h
as gyrated dramatically in the financial markets, strongly underpinned by the surging tensions in the Middle East. These tensions invariably ignite worries regarding supply, and like clockwork, we observed the price of oil bolting upwards, opening the week with a noticeable bullish gap. Monday continued this positive stride, but hesitation gradually crept into the market as the days advanced. Fast forward to today, and the sentiment has palpably shifted.
The vigor of this week's upswing tested the $88 mark, now acting as a resistance, and as evidenced today, it has spelled bad news for buyers and been a windfall for sellers. The price reflexively bounced, propelling significantly lower. Presently, the market is on a journey to close the bullish gap—a phenomenon frequently associated with the continuation of the movement that follows the closure. However, my analysis is tinted with caution and perhaps, a dash of pessimism.
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