As we saw the movement on the prices of oil the last week we saw strong bullish momentum and high demand on oil during the last week and on our opinion the OIL may make strong retracement to the south to the level of 76.50 at the level of 61.8% Fibonacci expansion and then we might see pullback one more time to the current levels at 78.5 from that we may see continuation to the downside with high volatility and our stop loss will be fixed above the last highest high of the whole bullish movement at the number of 80 and our targets will be 75.50 and 73.50 in sequence use money management and don't move or remove your stop loss trade safe
why do you consider the oil will go down as the demand keeps increasing and OPEC+ will not make any additional effort to supply more oil?
RapidGoat
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@Jamalsammar good point thats what I was thinking
AbdallaAmgad
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@Jamalsammar, The number of oil rigs operating in the US rose by five this week, according to data compiled by energy-services firm Baker Hughes (BKR).
The count ended at 433 in the seven days through Friday, Baker Hughes said. A year earlier, the US had 193 rigs in operation.
MBMG2021
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@Jamalsammar remember there are still incoming stocks/reserves and higher production levels. OPEC will have no choice but to lower prices to enable the world economy to recover fairly. Prices are looking set to go to $100 but time and stocks will keep a weight on the price to stay rather low. The will we some choppiness here of strong surges and downward corrections. Could possibly be an investors paradise of a few months💰
Jamal92
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@MBMG2021, I dont see oil hitting $100 as the world economy is barely recovering from the aftermath of COVID and oil needs to be lower in price to support the recovery of the world economies or inflation will continue to rise. The west will start fighting back against the rise sooner or later and force OPEC to produce more oil.