No particular bias here, but I have been watching as oil tries to fill the gap above the 35 level. I’m not yet sure if it will break out because there’s not much stopping it until 41. I’ve been watching some oil ETFs that seem to suggest a clearer possible trend that oil won’t be able to fill the gap just yet, but given the recent volatility, that trend in the ETFs could break instead and oil could keep ticking up. I’m skeptical that demand is recovering as quickly as suggested and even if it is, supply situation is still less than ideal. However, I’ve learned oil is something to not put a position in until the trend is practically certain.
Blue lines are Fib based support and resistance. Please note that the purple is NOT a trend line, just a rough trading area based on regression to help spot the gap. Right now I expect bouncing around 33 and 35, upside could be up to 41, if things go south a target right below 30 seems somewhat possible. If this analysis seems wishywashy, that’s the point! Be careful y’all and good luck!
Blue lines are Fib based support and resistance. Please note that the purple is NOT a trend line, just a rough trading area based on regression to help spot the gap. Right now I expect bouncing around 33 and 35, upside could be up to 41, if things go south a target right below 30 seems somewhat possible. If this analysis seems wishywashy, that’s the point! Be careful y’all and good luck!
