it's been a while guys!
So technically I'm a fibo guy, a test was conducted between 0.5 - 0.618 zone. and friday last 4 hours session retested the 0.5.
Zooming out, with what is happening in the world, there's a chance it will dip even further as the world needs more investment for Oil and Gas industry.
Short term view, I see a raise in oil to 78 or extend to 79.2
but fundamentally, in long term, in order to have more investment to occur, price has to be affordable for big players to enter. while reading the news, Saudi Arabia, the United Arab Emirates, and Kuwait all plan to raise their oil production capacity this decade where we will see Supply > Demand in future.
Till then, trade safe!
So technically I'm a fibo guy, a test was conducted between 0.5 - 0.618 zone. and friday last 4 hours session retested the 0.5.
Zooming out, with what is happening in the world, there's a chance it will dip even further as the world needs more investment for Oil and Gas industry.
Short term view, I see a raise in oil to 78 or extend to 79.2
but fundamentally, in long term, in order to have more investment to occur, price has to be affordable for big players to enter. while reading the news, Saudi Arabia, the United Arab Emirates, and Kuwait all plan to raise their oil production capacity this decade where we will see Supply > Demand in future.
Till then, trade safe!