Oil - Another parabolic run up?
Oil has been a carnival of unrelenting shaking for both the bears and bulls lately - between OPEC discussions, potential rate hike and today's huge draw according to API; it's possible that this last bearish drop was just a pullback prior to another major run up. I recently published a chart projecting a weekly range with a 53-54 top but was disappointed by the continued drops in price. With rate hike sentiment below 25% and much fundamental information elevating oil prices; I am anticipating another parabolic rise in oil prices 'IF' tomorrows (September 8) EIA report validates today's extremely bullish API report.
This trade is active and I am advising that we are in a good buy zone as currently I am viewing 45.92 as a strong support level, with 45.62 as second support; and if prices break above 48 then I will republish my previous chart showing a 48-54 weekly range that we are likely to see. But for now, a break above 48 should give us a 52.74 - 53 target, short term.
Trade: Active - Enter Now
Targets:
TP1 48.11
TP2 50.37
TP3 52.74
Support:
S1 45.92
S2 45.62
Good trading all!
This trade is active and I am advising that we are in a good buy zone as currently I am viewing 45.92 as a strong support level, with 45.62 as second support; and if prices break above 48 then I will republish my previous chart showing a 48-54 weekly range that we are likely to see. But for now, a break above 48 should give us a 52.74 - 53 target, short term.
Trade: Active - Enter Now
Targets:
TP1 48.11
TP2 50.37
TP3 52.74
Support:
S1 45.92
S2 45.62
Good trading all!
Commento:
Today's EIA report has confirmed the API reports extremely bullish numbers. We will look to see how price reacts to 48; which could potentially be strong resistance; initially...
