*This is not financial advice, so trade at your own risks*
*My team digs deep and finds stocks that are expected to perform well based off multiple confluences*
*Experienced traders understand the uphill battle in timing the market, so instead my team focuses mainly on risk management
Oil is in a really good buy zone right now. Crude is trading at $96 a barrel and could head to $93 before reversing. It has been under pressure due to recession fears, omicron concerns, and dollar pressure. Gas prices around the country have dipped, but my team believes that this will be short-lived. We may get a larger oil spike to $130-$140 soon.
I personally think that the price is gonna retest $93-$95 area next week then impulse to $125-$130 area. Of course right now its forming a bullish engulfing and therefore it might have small spike to the upside to sweep the stop losses, and then head down. This idea also supports the completion of inverse head and shoulder that has formed on the 4 hour timeframe. This is my own personal idea and I could very well be wrong. But some type of important news should back up the fundamentals for the impulsive uptrend to $130 next week, because wave 5 of wave C to the upside has started. May God have mercy on us all. Trade safely and Good luck.
SimplyShowMeTheMoney
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@ashkanmohajer34 Thanks for your in-depth analysis. Will definitely keep this in mind!
SimplyShowMeTheMoney
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@ashkanmohajer34 we are seeing $88 then impulse to $125-$130 due to some sort of energy related catalyst.
ashkanmohajer34
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You're welcome, cheers!
ashkanmohajer34
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$113 would be the max for this uptrend. But very possible. Thanks for sharing.
@SimplyShowMeTheMoney, I mistakenly said that $113 would be the max. But after seeing how far it went down yesterday, I personally think that it can reach $125-$130 area. Good luck.
markets.businessinsider.com/news/commodities/oil-price-forecast-us-gas-prices-goldman-sachs-refining-russia-2022-6