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Greg posted earlier on the drop for the oil price and added, presciently:
- The price moved down sharply early in the session on the back of hopes for a Ukraine/Russia cease-fire. There were some conflicting reports about the peace prospects which subsequently took some of the steam out of that idea.
Plenty of folks have cast a wary eye over Russian promises of dially back their deadly aggression, US Sec State Blinken for example says watch what they do not what they say. Good advice.
Regardless of the narrative, oil is trading more strongly.
Tech analysis folks might simply say its filling its gap.
I would anyway. I tend to have a different take on what a gap is compared to many other folks, mine is in the box below, even though its not a ‘gap’ as is usually defined it’ll do me just fine:
This article was originally published by Forexlive.com. Read the original article here.