$USOIL Returning to Tighter Previous Trade Channel (BULLISH!)
$USOIL is again passing that 45.66 resistance mark spoke of in early ideas.
It is nearly dead center of the trade channel it was before the anomalous dip that is highlighted in the red oval.
The target on this remains just under 50/b. The path seems to be clear to it, but we will have to keep an eye on industry activities with regard to shutdowns, etc. While the hope remains for oil to return to 50+, even 80 - this winter could be brutal with COVID--and regular flu/outbreaks. The two working together could be an ugly thing, and it would absolutely slow economic activity and cap the growth that oil could possibly see. No distant LONGS make sense, but a shorter-term LONG on oil is quite nice.
See related idea regarding a 49.8 target-point.
Best of sh*t, be it bear or bull, sh*t
-BDR
It is nearly dead center of the trade channel it was before the anomalous dip that is highlighted in the red oval.
The target on this remains just under 50/b. The path seems to be clear to it, but we will have to keep an eye on industry activities with regard to shutdowns, etc. While the hope remains for oil to return to 50+, even 80 - this winter could be brutal with COVID--and regular flu/outbreaks. The two working together could be an ugly thing, and it would absolutely slow economic activity and cap the growth that oil could possibly see. No distant LONGS make sense, but a shorter-term LONG on oil is quite nice.
See related idea regarding a 49.8 target-point.
Best of sh*t, be it bear or bull, sh*t
-BDR
