M4dM4ur0
Long

After bombing... rally to 75? #WTI

TVC:USOIL   CFDs on WTI Crude Oil
TVC:USOIL             CL1!            

75 BOOM?
Surely the bombings in Syria will have some effect on the opening, 75 looks not too close, but what resistances can we reach in the near future?
4 Hours chart

Why Oil             Prices Just Rallied To $70
https://oilprice.com/Energy/Energy-General/Why-Oil-Prices-Just-Rallied-To-70.html

Days of supply : 25.4

Inventories & more:
https://www.eia.gov/petroleum/weekly/crude.php#tabs-contract1

Big picture (MONTHS)

CL1!             chart (months)

Trade closed: target reached: 4H chart, monthly marks (orange)
After overcoming the ichimoku cloud, now it stops at 38.2% fibonacci... for a while

Hello M4d,
I do not think the (now historic) bombing of Syrian chemical mfg facilities will have any effect.
Most of the expectancy was priced into last weeks movements ... perhaps we might see $68 before reversal, but I don't see much more.
This idea is also supported in your citing above "Price just rallied to $70" ... "One of the immediate factors helping to lift Brent above $70 was Trump’s Monday promise to respond “forcefully” to the suspected chemical attack in Syria."
Also May futures roll this week. June Volume has contracted significantly down 216k contracts while OI only increased by less than half that. I believe Longs are liquidating (contract supply pressure := price pressure) and moving to forward months (June and Dec).
If you are trading CFD's, I believe that to be some form of hybrid, continuous contract, and neither reflective of futures nor cash (including OI) markets.
So, while I respect your opinion and your effort in this review, I don't think we see $75 (up > 10%) in the short term, unless there is another Event.
... just my 2c worth

+1 Reply
Jamal92 Oh_If_Only
@Oh_If_Only, I fully agree. The airstrike matches exactly last years in the way it was done and the oil market barely moved 1$. I am expecting a nice drop.
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