WTI – Sunday Intraday Outlook: A Potential Retest of the Broken Daily Channel?
Hi everyone, Before the market opens tonight, let's take a quick look at the shorter timeframe and see where we stand after last week's heavy sell-off. Fundamentals – Two Very Different Stories The market is currently caught between two competing narratives. On one side, the US midterm elections have changed the political landscape. Democrats have taken control of both chambers of Congress, and I believe this could increase Trump's incentive to find a way out of the Iranian conflict. High energy prices are becoming a political issue, and the administration will have to consider the domestic consequences of keeping this conflict going. However, I wouldn't be too quick to price in peace. We are still dealing with military tensions around the Gulf and the Strait of Hormuz, and the risk of further attacks on commercial shipping remains. The diplomatic messaging and the military reality are still telling two different stories. There is also an interesting political developme...
