Hi guys,
I'm back.
I've been watching closely the OIL market, and what I'm seeing now is a consolidation above the 73-72$ per barrel (Yellow rectangle) good sign in my opinion for the bullish side.
What I'm looking is a target of the 80 $ - 85 $ which by the way is a reachable target. Keep a close attention to in the transition through the 77-81$ which is a possible reverse level.
Macro-view:
A lot of things to be careful about, too many players. We've got OPEC+ cutting the production and the US not able to sustain the pace of release of its own OIL reserves already cut in half from its peak.
We've got China; recently China approved some stimulus to boost its economy, which may add a higher demand.
We've got the Suez canal being avoided which may add to delays and a higher demand on prices.
On the other side the things that in my opinion could disrupt the oil market are:
With that being said, I just share my opinion here for the sake of communicating with others with different views.
Personal targets:
I'm back.
I've been watching closely the OIL market, and what I'm seeing now is a consolidation above the 73-72$ per barrel (Yellow rectangle) good sign in my opinion for the bullish side.
What I'm looking is a target of the 80 $ - 85 $ which by the way is a reachable target. Keep a close attention to in the transition through the 77-81$ which is a possible reverse level.
Macro-view:
A lot of things to be careful about, too many players. We've got OPEC+ cutting the production and the US not able to sustain the pace of release of its own OIL reserves already cut in half from its peak.
We've got China; recently China approved some stimulus to boost its economy, which may add a higher demand.
We've got the Suez canal being avoided which may add to delays and a higher demand on prices.
On the other side the things that in my opinion could disrupt the oil market are:
- A recession in the US (Medium probability)
- A ramping production by the OPEC+ (Reeeaally low probability)
- China not getting on its feet (Low probability)
With that being said, I just share my opinion here for the sake of communicating with others with different views.
Personal targets:
- First target : 80$
- Second target : 85$
- Third target: 90$
Comment:
Possible retest, SL under the support
Comment:
Still on it
Trade closed: target reached:
Closed half of my position at 80$
Comment:
I bought in again, I see the prices moving higher around the 80-83$.
We have so much tension in the middle east, the US needs to restore its reserves and a huge economic growth on the major economies which translated are good signals for OIL
We have so much tension in the middle east, the US needs to restore its reserves and a huge economic growth on the major economies which translated are good signals for OIL
Trade active
Trade active
Trade closed: target reached:
closed