The oil market is held up by new long interest working the sell orders of prior buyers, who are by now feeling the urge to re-enter. In fact, the best time to counter a trend is when the urge gets too prominent; with another 10% of upside here, one can start switching from buy-into-weakness approach to sell-into-strength until that green rate is met by this contract's offer price.
Bargain! imo we may be looking at hyperinflation caused by refineries closing and a returning demand.
Zoen_Trieste
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@Deep-Peat-Shark, $100 oil is not "withstandable" with current macro outlook. Even if there's such a spike, it will surely be short-lived. My opinion.
Deep-Peat-Shark
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@Zoen_Trieste, Agree, looking back to the financial crises of 2008 on the chart. This is the kind of structure I would expect if this scenario pulls through.
kweiss
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Could break the fractal top. That would bring on more highs. on D1 that would create a golden cross:
Zoen_Trieste
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@kweiss, hey Karl! Hope you're doing great. I think the first target here on this contract should be around 100%. Notice, that I am using the deferred contract and its implied volatility is 3/4th of the front-end.