Hi guys,
I'm back.
I've been watching closely the OIL market, and what I'm seeing now is a consolidation above the 73-72$ per barrel (Yellow rectangle) good sign in my opinion for the bullish side.
What I'm looking is a target of the 80 $ - 85 $ which by the way is a reachable target. Keep a close attention to in the transition through the 77-81$ which is a possible reverse level.
Macro-view:
A lot of things to be careful about, too many players. We've got OPEC+ cutting the production and the US not able to sustain the pace of release of its own OIL reserves already cut in half from its peak.
We've got China; recently China approved some stimulus to boost its economy, which may add a higher demand.
We've got the Suez canal being avoided which may add to delays and a higher demand on prices.
On the other side the things that in my opinion could disrupt the oil market are:
Such a complex world we live in, a lot of things to consider after all.
With that being said, I just share my opinion here for the sake of communicating with others with different views.
Personal targets:
TradingView always shares it but I'm going to say it again I AM JUST SHARING MY IDEAS NOT FINANCIAL ADVICES HERE
I'm back.
I've been watching closely the OIL market, and what I'm seeing now is a consolidation above the 73-72$ per barrel (Yellow rectangle) good sign in my opinion for the bullish side.
What I'm looking is a target of the 80 $ - 85 $ which by the way is a reachable target. Keep a close attention to in the transition through the 77-81$ which is a possible reverse level.
Macro-view:
A lot of things to be careful about, too many players. We've got OPEC+ cutting the production and the US not able to sustain the pace of release of its own OIL reserves already cut in half from its peak.
We've got China; recently China approved some stimulus to boost its economy, which may add a higher demand.
We've got the Suez canal being avoided which may add to delays and a higher demand on prices.
On the other side the things that in my opinion could disrupt the oil market are:
- A recession in the US (Medium probability)
- A ramping production by the OPEC+ (Reeeaally low probability)
- China not getting on its feet (Low probability)
Such a complex world we live in, a lot of things to consider after all.
With that being said, I just share my opinion here for the sake of communicating with others with different views.
Personal targets:
- First target : 80$
- Second target : 85$
- Third target: 90$
TradingView always shares it but I'm going to say it again I AM JUST SHARING MY IDEAS NOT FINANCIAL ADVICES HERE
Nota
Possible retest, SL under the supportNota
Still on itTrade chiuso: obiettivo raggiunto
Closed half of my position at 80$Nota
I bought in again, I see the prices moving higher around the 80-83$. We have so much tension in the middle east, the US needs to restore its reserves and a huge economic growth on the major economies which translated are good signals for OIL
Trade attivo
Trade attivo
Trade chiuso: obiettivo raggiunto
closed
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.