Hi Folks:
A retest of the previous high may occur but after adjusting the channels and support and resistance lines I looks like a correction to 77.80 is on its way.
Unrest in Kazakhstan together with some pipelines shut-ins in Lybia and Nigeria were sending prices higher after the effortless of OPEC+ of raising only the 400kbpd till the next month.
We are entering a build in inventories season so we should be correcting till March-April and then it could go above 100 bucks.
Taking into account all these, my idea is to keep shorting till previous low at 65ish area and from there open longs to 100+.
I believe big fund managers are going to keep making big swings like always to make their profit books shine throughout the current new fiscal year.
If by any chance we break above the resistance trendline then we will most certainly hit the previous high at nearly 87. I won't be surprised but to me it would be unnecessary and backfiring with the current pandemics and high inflation.
Same applies for USOIL
STAY SAFE. Cheers
-------------------------------------------------
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A retest of the previous high may occur but after adjusting the channels and support and resistance lines I looks like a correction to 77.80 is on its way.
Unrest in Kazakhstan together with some pipelines shut-ins in Lybia and Nigeria were sending prices higher after the effortless of OPEC+ of raising only the 400kbpd till the next month.
We are entering a build in inventories season so we should be correcting till March-April and then it could go above 100 bucks.
Taking into account all these, my idea is to keep shorting till previous low at 65ish area and from there open longs to 100+.
I believe big fund managers are going to keep making big swings like always to make their profit books shine throughout the current new fiscal year.
If by any chance we break above the resistance trendline then we will most certainly hit the previous high at nearly 87. I won't be surprised but to me it would be unnecessary and backfiring with the current pandemics and high inflation.
Same applies for USOIL
STAY SAFE. Cheers
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
