Oil still shines after countries start to demand oil again!!

Oil has proved to be one hell of a buy, coming up almost 100% + and has provided great value in the channel range in which it was involved, now is time for the black gold to get some breather, show again some valuable perspective and give us a leg down for a potential move again.

Remember that movements take time, and that oil is a extremely sensitive commodity, this is key because contracts that were rolled to June that were initially showing ease are healthier than ever, demand is picking up and keeping the eye on countries re opening + Brent correlation and NGAS can be key here.

Trade closed: target reached:

First target reached, price is very extended and looking for a potential pullback before looking for a re entry after the gap that has been formed after OPEC cuts extension. Price flirted a little but fundamentals were strong the whole way. This was also supported by positions on USDCAD and Risk sentiment hedge via GOLD.