How to profit from Crude Oil - LONG (and short)

The USA is in a political battle over the price of oil with OPEC and right now they are winning, but how low can they go? Not too much lower actually, they need to start buying again to ensure their strategic reserves remain useful and not at risk of dropping below the requried levels to support the country in times of emergency.

OPEC $64 - To ensure OPEC break even on oil product, they will control the market above
SPR $72 - To replenish the reserves the USA is a buyer at $67 - $72 a barrel, not too far from where we are now
EU $70 - The EU are in talks to ensure Russian oil cannot be sold above $70
Pin Bar $77 - We have a bin bar rejection to support the market move North again
Fib 78.6% - We've rejected this level 7 times on the weekly and daily chart


Target 1 - We've already tested and profited from this move upto $82 and we'll be doing that again
Target 2 - Fib 61.8% at 88 will be our next target
Target 3 - Fib 50% at 92 will be our final target

Short - If we break down past 77, we'll be a buyer just below at the SPR support levels.

Comment:

We've now broken down below the pinbar invalidating that support level, we're waiting patiently for Oil to drop into the SPR Level now

Trade active:

We're progressing up the channel perfectly, but we're now at the point that the retail bears will want to sell this down, professional investors are waiting much higher.

Are you in yet?, Wait on a 50% pullback into 77.5