the final squeeze in (US)OIL or Monday Bloodbath
Hi Folks:
Here's a weekly overview of the USOIL - WTI for your consideration.
I have to admit that I am very surprised of such bull move that in my humble opinion is not justified at all with the current fundamentals, but I am most certainly wrong as the market is going in the opposite direction and therefore there is more money flowing that way rather than in the opposite way.
Bulls seem to be targeting the 90 bucks area and create a new high at such a psychological level. Bulls momentum is supported by the rumour of inminent invasion of Russia into Ukraine and the possible tough sanctions that would be a catastrophe for oil consummers hitting immediately the triple digits, probably short lived but it will support this sought idea from the big USA banks such as Goldman S or BoFAML.
At this point I am going to be stubborn once again and will assume a double top -+1 buck for a correction, otherwise hedge till 90 bucks and above.
In my opinion the only way in oil at such levels and with such circumstances should be down.
My feeling is that a bloodbath is coming on Monday, sending prices further down after the rollover movement of previous contract that sent prices higher on the last trading session.
STAY SAFE. Cheers
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Here's a weekly overview of the USOIL - WTI for your consideration.
I have to admit that I am very surprised of such bull move that in my humble opinion is not justified at all with the current fundamentals, but I am most certainly wrong as the market is going in the opposite direction and therefore there is more money flowing that way rather than in the opposite way.
Bulls seem to be targeting the 90 bucks area and create a new high at such a psychological level. Bulls momentum is supported by the rumour of inminent invasion of Russia into Ukraine and the possible tough sanctions that would be a catastrophe for oil consummers hitting immediately the triple digits, probably short lived but it will support this sought idea from the big USA banks such as Goldman S or BoFAML.
At this point I am going to be stubborn once again and will assume a double top -+1 buck for a correction, otherwise hedge till 90 bucks and above.
In my opinion the only way in oil at such levels and with such circumstances should be down.
My feeling is that a bloodbath is coming on Monday, sending prices further down after the rollover movement of previous contract that sent prices higher on the last trading session.
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.