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Long

Is the oil uptrend here to stay?

FX:USOIL   CFDs on Crude Oil (WTI)
Oil has been on a tear thus far in 2019 and I expect nothing short of a full fledged rally should we break above $58. The weekly and monthly time frames look very bullish , as there's no clear supply levels to overcome. I expect oil to be one of the best performing investments of 2019. With that said, oil is considered extremely volatile and very contingent on geopolitical affairs.
A break below $50, and we could witness a drop to the $45 zone.
The two biggest fundamental factors driving price action right now is the political turmoil in Venezuela and OPEC's ongoing production cuts.
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