Asset Watch
Thursday, December 1, 2022
As a result, with sentiment driving the recent decline, support from OPEC+ could send the crude price in the opposite direction.
Likewise, the technicals are also accommodating, as crude recorded a hammer candle on Nov. 28, which means the price declined sharply intraday and then closed near the highs. Furthermore, seven of the last nine hammer candles resulted in short to medium-term rallies, while two instances were false signals and culminated with more weakness.
So, will the bulls win this battle, or are lower lows on the horizon?