Loooks like oil is about to do something extra ordinary soon. but who knows..anything can happen.
with my previous analysis playing out as expecting including Heating Oil, I am seeing some shift in the dynamics of this black gold .
technically we have seen some break of key break outs in the high time frame lines.
this is a key level and looking to see if a retest for next week will hold. Fundamentally there is indeed a lot of supply globally with USA oil output on the rise
Trump urging all Opec majors to increase supply so that prices can go very low which to some extent it helps certain industries like the manufacturing, transport and airline businesses.
However on the flip side Saudi Arabia is also planning on reduce production to about 500,000 barrels per day but the questions is will other key opec majors join the plan in order to help good price up. this will help the over all
global inventory however with only Iran on board and at the same time Iran having its sanction issues with USA. hopefully other oil producing countries will help restore this.. if not which I personally believe some
will not example being Venezuela...
with all this happening I am looking to see how next weeks weekly close below this weekly trend line will pay out where I will give in a 2.5% risk exposure wit targets at the $45.50 handle confluent with the over all 61.8% levels. lets see and lets wait. patience rules...
Trade closed: target reached: :)