With Dollar index going to new Highs in the coming months as fed is going to increase interest rate, as well as, OPEC promising to increase the oil supply by 400K barrel per month. I suspect oil will bleed through out 2022. I think the world needs cheap oil to help non producers countries recover from Covid supply chain issues.
From July 2008 to January 2016 it was wave A.
From January 2016 to now I think It is wave B (irregular flat) with room to run 95$
I think wave C is going to be impulsive targeting 20 to 10$ ( Double bottom with the Covid lows).
if the above is true, I suspect oil to have a bull run for years targeting much high prices >200$
From July 2008 to January 2016 it was wave A.
From January 2016 to now I think It is wave B (irregular flat) with room to run 95$
I think wave C is going to be impulsive targeting 20 to 10$ ( Double bottom with the Covid lows).
if the above is true, I suspect oil to have a bull run for years targeting much high prices >200$
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I started adding short positions above 96$, I suspect choppy action above 95$
Comment:
Added to my short position
Comment:
Final add to the short position
