1. Prices must break the trend line (dashed blue) and overcome resistant from to SMA20 (green curve) and allocate over the VWAP (white curve) to hit the upper limit of testing zone @ $109.5x (minor profit target).
2. By passing the testing zone, prices will get resistant at the pivot line representing 61.8% level. Breaking this pivot level is the key to consider the performance in uptrend direction .
3. Also, a high buying volume is required to pass the linear regression channel at any point and to break the 50% level to achieve the above targets inside the major resistance (red) zone.
4. At trading day closure, support level was above $107.3x and resistance around $109.5x.
5. The downtrend target will be above $105.9x in case prices fail to achieve point#1.
6. Let's see if the market will get sensitive against Putin's declaration to sell oil and gas in RUB by April. This may impact the fuel prices in the increasing direction in case of any aggressive feedback from EU. In the same time, fuel prices will diversely affected , specially oil, if alternatives like Libya, Iraq, and UAE provide the market with excess quantity soon to substitute the shortage in Russian productions.
2. By passing the testing zone, prices will get resistant at the pivot line representing 61.8% level. Breaking this pivot level is the key to consider the performance in uptrend direction .
3. Also, a high buying volume is required to pass the linear regression channel at any point and to break the 50% level to achieve the above targets inside the major resistance (red) zone.
4. At trading day closure, support level was above $107.3x and resistance around $109.5x.
5. The downtrend target will be above $105.9x in case prices fail to achieve point#1.
6. Let's see if the market will get sensitive against Putin's declaration to sell oil and gas in RUB by April. This may impact the fuel prices in the increasing direction in case of any aggressive feedback from EU. In the same time, fuel prices will diversely affected , specially oil, if alternatives like Libya, Iraq, and UAE provide the market with excess quantity soon to substitute the shortage in Russian productions.