Might be a good opportunity to go long from here

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In the begging of Feb the price fell bellow 51, but did not manage to decline further than 49.5 and at this point it seems like a false breakthrough which may lead to upside movement. I expect oil to close the week above 51 then probably reach 53 by the end of the month and potentially make to 66 by summer and 76 (an ultimate goal) by fall

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ملاحظة

The price back from below 50.80 territory and this fact breaks the downtrend and confirms the bottom. Still it is too early to celebrate victory. Today's candle might look a strong bullish reversal, but in fact it does not. Instead it makes the market range-bound. We will see what happens next few days. If oil manages to stay above 51 till the end of the week this would be the first sign of recovery. Targets are still the same: 53 by end of the month and 66 by summer

١٨ فبراير ٢٠٢٠

ملاحظة

The price reached 52 and bounced lower. Well I never expected it to go straight up. In case if 51 holds the price might take 52 this week.
tradingview.com/chart/pMVTQ6YD/

٢٥ فبراير ٢٠٢٠

ملاحظة

Well. This is bad. Oil lost all of its recent gains and back to 50 area.

٢٦ فبراير ٢٠٢٠

ملاحظة

Things becoming ugly real fast. Now it looks like Nov-Dec 2018 a lot. Back then the price fell almost 20% more

٢٦ فبراير ٢٠٢٠

ملاحظة

It is over. Breaking through 49.50 and closing below changes everything. Eventually of cause oil will recover, but best case scenario is 57.5 in a 5-6 months