EU supported the embargo on Russian crude. As often happens the price wavered and even declined at first which is always counterintutive.
On the chart below I indicated a possible scenario in red. However, the base case is that wave (ii) has been completed and the price is melting up badly.
It is not the intention of this report to give out buy or sell signals or any trading advice. This material represents my view on the markets and shall not be regarded as an invitation to open trading positions. The report and any materials on this site avoid discussion on politics and exist solely to provide an interpretation of what is happening in the financial markets.