Since I have joined trading, I didn't like the idea of trading commodities as I am a futuristic investor/trader and in my opinion commodities are overvalued and most of them such as oil and gas prices will eventually crash because as the technologies grow and the world keeps innovating we will find substitutes for producing energy instead of fuels and this commodities will lose their price as they will lose their demand...
But so far, Brent Oil is on the bull run and I still see room for it to grow and make a peak till the end of the year however I see this peak stopping at 93.4 since their is a downward trend if to look at the peaks of crude oil since 2007 so I would see a retracement at this price and we should expect to fall to 70-80 USD price range in 2019 and the market should keep on playing around this area for a while and in 2021 it will either be the next breakout of Oil or the next fall and the way I see it coming it will be the next fall and people and governments will once and for all understand that commodities such oil are overvalued markets which only have the high price not due to market factors and/or price mechanism rule but only due to geopolitical factors.
However as a trader we should keep to the opportunity so buy oil now but don't forget to fix your profit at above 90 USD price and if RSI will show overbought by that time as it is in the middle and is flipping back up indicating the bull run to 93 USD, then overbought RSI can be an indicator for downward movement in price and it can be a position to short oil/bet against it.
Good Luck, Traders!
But so far, Brent Oil is on the bull run and I still see room for it to grow and make a peak till the end of the year however I see this peak stopping at 93.4 since their is a downward trend if to look at the peaks of crude oil since 2007 so I would see a retracement at this price and we should expect to fall to 70-80 USD price range in 2019 and the market should keep on playing around this area for a while and in 2021 it will either be the next breakout of Oil or the next fall and the way I see it coming it will be the next fall and people and governments will once and for all understand that commodities such oil are overvalued markets which only have the high price not due to market factors and/or price mechanism rule but only due to geopolitical factors.
However as a trader we should keep to the opportunity so buy oil now but don't forget to fix your profit at above 90 USD price and if RSI will show overbought by that time as it is in the middle and is flipping back up indicating the bull run to 93 USD, then overbought RSI can be an indicator for downward movement in price and it can be a position to short oil/bet against it.
Good Luck, Traders!
Comment:
P.S. I think this will take the red pill.. but time will show