Hi Folks:
Descending channel was finally broken upwards and almost hit the resistance trendline of the ascending channel drawn.
FED comments seemed to scare oil bulls and price reverse from highs creating a doji-like candle with an important rejection from the top.
At this point there is quite a lot of uncertainty but as I said in my previous USOIL idea I remain bearish in the short term and bullish after March-April onwards. (I'm assuming that OPEC+ will renew the quota's agreement otherwise will need to reevaluate scenario).
Today's EIA data was in my opinion mixed as well. It shown importand draw in stockpiles but a massive increase on Gasoline, Distillates and Cushing inventories.
We are trading above daily moving averages and channel was broken, so we should consider the next target at the red line 79.5 level but FED comments may scare bull mood and I will stick holding shorts and only hedge above 80.
STAY SAFE. Cheers.
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Descending channel was finally broken upwards and almost hit the resistance trendline of the ascending channel drawn.
FED comments seemed to scare oil bulls and price reverse from highs creating a doji-like candle with an important rejection from the top.
At this point there is quite a lot of uncertainty but as I said in my previous USOIL idea I remain bearish in the short term and bullish after March-April onwards. (I'm assuming that OPEC+ will renew the quota's agreement otherwise will need to reevaluate scenario).
Today's EIA data was in my opinion mixed as well. It shown importand draw in stockpiles but a massive increase on Gasoline, Distillates and Cushing inventories.
We are trading above daily moving averages and channel was broken, so we should consider the next target at the red line 79.5 level but FED comments may scare bull mood and I will stick holding shorts and only hedge above 80.
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.
Trade active:
Not looking good for SHORTS. Above 80.3 will hedge.