USOUSD Spot Oil Jumps on Geopolitical Escalation LONG

AwesomeAvani Updated   
Spot Oil on 30-minute chart had a slow rise in the past 24 hours followed by a pause and then a

jump on the Israeli retaliation strikes into Iran. Middle East oil shipping in the Red Sea and

Persian Gulf are at risk and shipping insurance for ongoing shipments is likely to experience

heavy rate increases if shipping does occur. Houthi rebels may resume proxy attacks on the

behalf of Iran. New sanctions contemplated against Iran may include increased action on oil

exports and the Israelis could target oil infrastructure. Overall, spot oil now has a bullish

bias. I see good cause to increase oil based positions at this time. My target for spot oil

based on VWAP lines currently on the chart is 87.5 about 4% upside without leveraging.

The volume indicator shows increased buying volumes relative to selling. The PVT shows a quick

burst of trend momentum while the TTM indictor triggered and has an upgoing histogram.
Trade closed: stop reached

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