Delta Variant cases are trending up so be wary of news releases algo's will probably sell immediately.
“The EIA oil inventory falls suggest the rise in cases of COVID-19′s Delta variant is having little impact on mobility,” ANZ analysts said in a note."
"Meanwhile, the U.S. Federal Reserve said the U.S. economic recovery is still on track despite a rise in daily COVID-19 cases as it handed down its latest policy decision on Wednesday. The decision left the interest rate unchanged between 0 % and 0.25% but did not provide a timetable for asset tapering."
So stock market should keep heading higher SnP 2008 crash previous pattern suggests this should be the case also.
Beautiful Railway candles on Daily and pin bar below also all suggest continuation higher.
Ultra Metre +91 all green
Suggest don't forget to trail behind and take profits as you go.
imho
Have a nice day : )
Trade closed manually
⋅
Always use Break Even when in profit, take profit as you go, trail behind.
"Oil prices fell more than 3% during the week ending August 6, as weak economic data from the US and China fueled demand concerns, although escalating tension in the Middle East supported an upward price trajectory."
"Producers to increase production by 400,000 barrels a day" End of August.
"USA employment subsidies to cease Sept 25th for 25 states"
So Nonfarm numbers (That is every day Jobs) should improve more and more because people will now have to find a job, any job, which drives the economies wheels, which equals Oil consumption.
But they are increasing output in anticipation so oil should stay flat Yes ?
@RyodaBrainless,Ha cheers I'm off to Vagas yer ! : ) They recon because they now have an OPEC agreement there won't be any price wars and price should just in essence keep going up, also there will actually be a supply impossibility ending of 2022 that's what they say.
Have a great day.
RyodaBrainless
⋅
@NZ_Shareman, I agree. Considering there's Golden Cross at Exponential Moving Averages in 4 Hours time frame. Other side, it was very rare to see Death Cross in 4 Hours on Fossil Fuels such Crude Oil.
siciliandragon
⋅
Surely it heads towards 75 dollors or more
NZ_Shareman
⋅
@siciliandragon, Yer i'd say so from what I've read, that's just a safe target, the bottom of the first wick is safest $74.03, but I thought what the heck and pushed it : ) they recon going much higher next real target is $90 with some points i recon but there will be some ups and downs along the way I'm sure as we know with all sorts of silly news to justify the downs.
Have a great day too.
Tradersweekly
⋅
I agree. I think there is more upside for oil. Recovery is still in progress with no end in sight.
NZ_Shareman
⋅
@Tradersweekly, Yes thats what they are saying and logic would agree, the daily chart has turned to a very nice bullish pattern and news as well sounds very bullish, still a lot of mixed news on the Delta variant holding things up a bit, Jet Fuel still not being consumed very much, which is "equal to 21% of total U.S. petroleum consumption" which again is the biggest consumer of oil in the world, so when people start flying again that should certainly create even more demand.
Cheers
Have a good one : )
Tradersweekly
⋅
@NZ_Shareman, Nicely put. Thank you for your response, wish you great trades and all good!