Can $USOIL find support at 43 per Barrel? THE ULTIMATE RE-TEST
Since COVID SZN (covid season) began, on what we will call Mar 20 (low point) to now, the HIGHEST $USOIL has traded is just over 43/b.
It seems set to retest that mark, though I doubt that it gains the steam to forcefully pass the round-number. I indicated in previous updates day traders have shifted their support line higher, but the resistance to this uptrend is due to be tested today as it trends 42+ in futures/pre-mkt.
42.5 has been identified by some of my readers as a major resistance mark and point at which a SHORT can be enacted. I neither endorse nor condemn that notion, but it is an interesting way to profit on the likely reversal. The bull in most traders will hope 42+ is clung to, but the 41.50-41.65 resistance was strong and it took the better part of a full trade session to inch close to it.
If there's support at 43, $USOIL may make its next stop @ 45. That is the mark we have consciously keyed in on as an "ALL SYSTEMS GO" For oil-related stocks and the oil giants themselves.
Good luck, and VIVA LA CRUDE.
I reckon.
-BDR
See related note RE: Oil's resistance marks as previously ascertained.
It seems set to retest that mark, though I doubt that it gains the steam to forcefully pass the round-number. I indicated in previous updates day traders have shifted their support line higher, but the resistance to this uptrend is due to be tested today as it trends 42+ in futures/pre-mkt.
42.5 has been identified by some of my readers as a major resistance mark and point at which a SHORT can be enacted. I neither endorse nor condemn that notion, but it is an interesting way to profit on the likely reversal. The bull in most traders will hope 42+ is clung to, but the 41.50-41.65 resistance was strong and it took the better part of a full trade session to inch close to it.
If there's support at 43, $USOIL may make its next stop @ 45. That is the mark we have consciously keyed in on as an "ALL SYSTEMS GO" For oil-related stocks and the oil giants themselves.
Good luck, and VIVA LA CRUDE.
I reckon.
-BDR
See related note RE: Oil's resistance marks as previously ascertained.
