Sell in MAY and GO AWAY! ;-)
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I forgot to say, after Thursdays breakout of the ascending channel, on Friday USOIL retested the breakout and closed below the trend line , which means confirming the breakout!
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GLOBAL OUTLOOK:
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1) Inflation fears are spooking financial markets!
2) Iran's president said the broad outline of a deal to end sanctions on it's oil had been reached! Before imposed sanction Iran was exporting 2.5 million barrels per day! This will flood oil market!
3) And last but not least, OPEC+ will increase production by 350,000 barrels a day in both May and June and by 441,000 barrels a day in July!
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1) Inflation fears are spooking financial markets!
2) Iran's president said the broad outline of a deal to end sanctions on it's oil had been reached! Before imposed sanction Iran was exporting 2.5 million barrels per day! This will flood oil market!
3) And last but not least, OPEC+ will increase production by 350,000 barrels a day in both May and June and by 441,000 barrels a day in July!