Yesterday, Joe Biden announced that Russia is beginning an ”Invasion of Ukraine” and that sanctions could be imposed ”at any moment” to punish Moscow. He announced a lift of the sanction on Nord Stream 2 pipeline, recently imposed by Trump, giving Russia the greenlight to build to Germany. He subsequently announced that this lift would raise US gas prices leading to a very bullish WTI scenario.
I used the Fibonacci fan method on the monthly chart dating back to 2009, the last time Crude Oil saw an initial price rise to over $100 a barrel to illustrate a potential long scenario.
A good entry point would be now at .382 or about $93 with the next short-term target being $98. If Oil can reach $98 we may see the price move to $105 with a resistance of .25 or about $113.
I used the Fibonacci fan method on the monthly chart dating back to 2009, the last time Crude Oil saw an initial price rise to over $100 a barrel to illustrate a potential long scenario.
A good entry point would be now at .382 or about $93 with the next short-term target being $98. If Oil can reach $98 we may see the price move to $105 with a resistance of .25 or about $113.
The first TP of $98 has been hit! Let’s see if it can reach $105 and also pray for those affected by the conflict in the meantime.