Trend line hit a bunch of times from 2008 to 2014, to 2021 we also see during this period of a down trend that price held at 73.99 and held at 67.49 and acted as a resistance at that level during 2020 and 2018 now in 2021 we see price is still at that level and price as opened below 67.49 level.
52.11 is a long term target for USOI. we can also see the TDI is near the 53 level so its still in a zone that is a over bought. price has been going up on oil for the past year of 2020 until 2021.
Aside from that fundamentally omicron variant is likely to affect us gasoline prices more than the coordinated release of crude from major consuming countries.
Which means air travel restrictions will also sent price down.
You also have to consider that it is winter time so there is a lower demand for fuel during winter months to the colder weather and shorter days. so we could see oil this next 2 months head down
64.33 is my entry point and stop loss in profit I around 61.98 after 61.98 is broken then I believe price will continue to go down even more to 57.86 which is 783 points. the real major break through would be if price breaks 61.98 then we can see a huge fall in oil. but you always wanna trade between zones and not for for a full swing. so you can take profit and renter along the way.
Sell stop 64.33
Stop loss in profit 61.98
Long term tp 57.86
Sell stop again at 61.98 and take profit at 57.86
Daily swing
weekly swing
monthly swing
52.11 is a long term target for USOI. we can also see the TDI is near the 53 level so its still in a zone that is a over bought. price has been going up on oil for the past year of 2020 until 2021.
Aside from that fundamentally omicron variant is likely to affect us gasoline prices more than the coordinated release of crude from major consuming countries.
Which means air travel restrictions will also sent price down.
You also have to consider that it is winter time so there is a lower demand for fuel during winter months to the colder weather and shorter days. so we could see oil this next 2 months head down
64.33 is my entry point and stop loss in profit I around 61.98 after 61.98 is broken then I believe price will continue to go down even more to 57.86 which is 783 points. the real major break through would be if price breaks 61.98 then we can see a huge fall in oil. but you always wanna trade between zones and not for for a full swing. so you can take profit and renter along the way.
Sell stop 64.33
Stop loss in profit 61.98
Long term tp 57.86
Sell stop again at 61.98 and take profit at 57.86
Daily swing
weekly swing
monthly swing
MRXAU