π’οΈ Crude Oil Hits $93 - π° Why 88$ is ok for Saudi Arabia π΄
Hey Traders, Professor here! π€ You might recall my bullish call on oil at $70, based on fundamentals and geopolitical moves. Fast forward, and here we are at $93 a barrel. But is this the ceiling, or is there more room to grow? Let's dissect. π’οΈπ
The Resistance at $93: More Than Just a Number π
Oil has rocketed to $93, and I'm seeing this as a strong resistance point. It's not just a psychological barrier; it's also a key level when you look at Fibonacci retracements and historical price action. Could this be the turning point for a retracement? π€ My Oil Long at $70 Post:
Inflation's Role: The Double-Edged Sword π
While rising oil prices have been great for traders and certain economies, they also fuel inflation. And let's be clear: Inflation is a beast that the U.S. and Europe can't afford to ignore. High oil prices are now a geopolitical concern, and there will be pressure to tame them, especially as they contribute to rising inflation. π Inflation and Oil post Post
Saudi Arabia's Profit Game: Low Costs, High Margins π
Here's where it gets interesting. Saudi Arabia and Kuwait enjoy production costs as low as $5.40 per barrel. Even at the higher end, it's just around $10. So, whether oil is at $88 or $93, they're raking in massive profits. This low-cost advantage gives them a competitive edge, especially when other countries are grappling with significantly higher production costs. πΈπ¦π°
The High Dollar's Role πΊπΈ
The dollar has been on a tear lately, and it's worth noting its impact on oil prices. A strong dollar usually puts downward pressure on commodities priced in USD, like oil. This could be another factor contributing to potential resistance at $93. The US Dollar & The Wolverine:
What's Next? The Road Ahead π€·ββοΈ
Keep a close eye on potential retracement levels. Fibonacci and moving averages could be your guide here. 88$ to 93$ range is what i would most likely expectπ
Geopolitical events are always wild cards. Any tensions or agreements could send oil prices soaring or plummeting. π
Don't lose sight of Bitcoin. It remains my go-to asset for hedging against inflation and market volatility. π
Trade wisely, folks. My charts are always here if you need a second opinion. π
(ps if the price breaks over 95$ we might need to run for the great reset hills!)
One Love,
The FXPROFESSOR π
The Resistance at $93: More Than Just a Number π
Oil has rocketed to $93, and I'm seeing this as a strong resistance point. It's not just a psychological barrier; it's also a key level when you look at Fibonacci retracements and historical price action. Could this be the turning point for a retracement? π€ My Oil Long at $70 Post:
Inflation's Role: The Double-Edged Sword π
While rising oil prices have been great for traders and certain economies, they also fuel inflation. And let's be clear: Inflation is a beast that the U.S. and Europe can't afford to ignore. High oil prices are now a geopolitical concern, and there will be pressure to tame them, especially as they contribute to rising inflation. π Inflation and Oil post Post
Saudi Arabia's Profit Game: Low Costs, High Margins π
Here's where it gets interesting. Saudi Arabia and Kuwait enjoy production costs as low as $5.40 per barrel. Even at the higher end, it's just around $10. So, whether oil is at $88 or $93, they're raking in massive profits. This low-cost advantage gives them a competitive edge, especially when other countries are grappling with significantly higher production costs. πΈπ¦π°
The High Dollar's Role πΊπΈ
The dollar has been on a tear lately, and it's worth noting its impact on oil prices. A strong dollar usually puts downward pressure on commodities priced in USD, like oil. This could be another factor contributing to potential resistance at $93. The US Dollar & The Wolverine:
What's Next? The Road Ahead π€·ββοΈ
Keep a close eye on potential retracement levels. Fibonacci and moving averages could be your guide here. 88$ to 93$ range is what i would most likely expectπ
Geopolitical events are always wild cards. Any tensions or agreements could send oil prices soaring or plummeting. π
Don't lose sight of Bitcoin. It remains my go-to asset for hedging against inflation and market volatility. π
Trade wisely, folks. My charts are always here if you need a second opinion. π
(ps if the price breaks over 95$ we might need to run for the great reset hills!)
One Love,
The FXPROFESSOR π
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updated levels in play
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bingo
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Trade closed: target reached:
breakout and 88$ is now support.. Biden visit probably just made things worse for everyone
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Oil at resistance
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