USOIL - My reading through uncertainty
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
ملاحظة
Possible retest, SL under the supportملاحظة
Still on itأغلقت الصفقة: تم الوصول للهدف
Closed half of my position at 80$ملاحظة
I bought in again, I see the prices moving higher around the 80-83$. 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
تم فتح الصفقة
تم فتح الصفقة
أغلقت الصفقة: تم الوصول للهدف
closed
إخلاء المسؤولية
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.