Theperfectionist
Long

Oil's buying Opportunity - A return back to 60s Levels?

OANDA:WTICOUSD   West Texas Oil
Fundamental Analysis: It’s been nearly three years since the world’s top oil exporter and OPEC’s de facto leader Saudi Arabia forged an alliance with Russia to start managing oil supply with the hope of rebalancing the market and ensuring, in their words, market stability, in other words—higher oil prices.
While they have managed to put a floor under oil prices, the allies in the OPEC+ deal have failed to materially move prices higher. With fears of demand faltering, the leaders of the pact—Saudi Arabia and Russia—face a tough test ahead.
On top of these questions, the leaders of the OPEC+ coalition are now facing another force on the oil market—increased unpredictability in geopolitics, as the attacks on vital Saudi oil infrastructure that knocked 5 percent of global oil supply offline for a few weeks showed.

Technical Analysis: The WTI Crude Oil market initially fell during the trading session on Thursday, before bouncing significantly to form a hammer later in the day. All things been equal though, the $50 level underneath will probably be attempted but a short-term bounce may happen between now and then. If we were to break down below the $50 level, that would be an extraordinarily negative sign. The RSI has now reached the bullish pressure line, increasing the odds of a reversal. A push upside will lead oil to the institutional levels at 60$ per barrel.

Holdings: Bought Oil @52.60, USOU @16.91 and UWT @9.27.
WtiOil Rate At Swing Low In Progress higher Resistance 58.18 - 58.40 10 pip or 16 pip if Price is allowed to established these levels
I don`t for a minute consider Price will achieve further highs - Target Low 47.97
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WtiOilUsd Resistance Level as 57.60 added gap higher if price gets there is 58.17 Pivot Point - Turning Lower - Target Low 47.97
+1 Reply
@forexcandles, I hope that would be broken.
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could use a little pullback maybe
+2 Reply
@JamesPowell, Sure, especially when it comes to bull runs, they have several rotations while bear runs seldom.
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JamesPowell Theperfectionist
@Theperfectionist, i could see 63s maybe 64s
+1 Reply
@JamesPowell, Eventually, 60s are key levels. I am taking profit at 60 btw.
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JamesPowell Theperfectionist
@Theperfectionist, i just trade it short term in the mornings. You make a great call on it. Good work.
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JamesPowell Theperfectionist
@Theperfectionist, lol we both have the same support level
+1 Reply
@JamesPowell, Yes very strong one indeed.
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