Current events have sent prices to a fresh high. I believe I am right in basic fundamentals but the attacks from the Houthis to UAE have been one of the main reasons for today's rally. Surprisingly it always happen at the same time, so big fellas are pushing prices higher and higher and we will need to wait till they decide to take profit.
The image below shows clearly the uptrend and the possible next target for bulls. So at this point we will have a lot of volatility and anything could happen both ways. A new attack could send prices flying, a message from someone could send prices plummeting, so unless you know what you do, better take a pause and look for further price developments.
Oil seems to be heading to 89-90 area, followed by 95. As always, take your positions at the edges and extremely careful
STAY SAFE. Cheers
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
Lolllll....."My dear OIL, where are you going now?"....
abidwaheed766
⋅
what do you think when will be bear wake up??
VIP_Trading_Technologies
⋅
@abidwaheed766, Correction is due already but is not happening and there are plenty of divergences in different time frames, so I can say for sure but this morning I was expecting 86.50 and it happened at the end of the trading session. We could correct a bit from here, but since all is motivated by fundamentals and tensions I can't say for sure. I just opened shorts at 86.50 before market close...don't know what is going to happen but I try my chances. Cheers
@VIP_Trading_Technologies t thanks for your valuable information I will go for sell as u mention in your comments lets see what gonna happen next Good luck
VIP_Trading_Technologies
⋅
@abidwaheed766, Wait for the opening and decide. The explosion of a pipeline in Turkey coming from Irak is the reason of the spike in oil prices. Tensions arising in Middle East. CAREFUL