Oil Outlook 2022 🛢️
With global political tensions on the rise, the expectation for crude oil price seemed to be bullish across the mainstream media. Everyone seems to think that war=high crude oil prices. This is true. However OPEC+ just said they will likely be upping production in Jan 23 so price has been plummeting.
I was actually surprised that price wasn't moving higher yet before this announcement, however algobuddy was telling us on the weekly that it's still in bear mode so I have been weary of long positions on my short term charts. I try to stick with the overall weekly or monthly trend.
I also keep remembering when the US president said he'd like to see price of oil closer to $72 before he stops emptying reserves, and when a US president says something like this I like to think there are enough strings to pull that he can make it happen.
This seems to be working out, as price is almost down to that exact number now, especially after OPEC's announcement.
I do notice a broadening formation happing on the weekly chart right now around this area. This gives me the feeling that a big slingshot move up is coming. I'll keep my head on a swivel, but until we get a weekly algobuddy bull signal I am staying on the bear side for now.
IF the talk of WW3 turns more and more likely into becoming reality, then I will start to think of a move to the upside. IF weekly candle crosses and closes back above the algobuddy thick ribbon line then I'll turn bullish. It's already made a new low and peeked below the previous weeks bar and is now back above its low. This is bullish for me, however if price continues to make new lows and more production ramp announcements I will jump on shorts.
Looking forward to seeing how this week candle closes. If red, then we can see more downside move.
Stay solvent my friends 💪
AlgoBuddy
I was actually surprised that price wasn't moving higher yet before this announcement, however algobuddy was telling us on the weekly that it's still in bear mode so I have been weary of long positions on my short term charts. I try to stick with the overall weekly or monthly trend.
I also keep remembering when the US president said he'd like to see price of oil closer to $72 before he stops emptying reserves, and when a US president says something like this I like to think there are enough strings to pull that he can make it happen.
This seems to be working out, as price is almost down to that exact number now, especially after OPEC's announcement.
I do notice a broadening formation happing on the weekly chart right now around this area. This gives me the feeling that a big slingshot move up is coming. I'll keep my head on a swivel, but until we get a weekly algobuddy bull signal I am staying on the bear side for now.
IF the talk of WW3 turns more and more likely into becoming reality, then I will start to think of a move to the upside. IF weekly candle crosses and closes back above the algobuddy thick ribbon line then I'll turn bullish. It's already made a new low and peeked below the previous weeks bar and is now back above its low. This is bullish for me, however if price continues to make new lows and more production ramp announcements I will jump on shorts.
Looking forward to seeing how this week candle closes. If red, then we can see more downside move.
Stay solvent my friends 💪
AlgoBuddy
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Get Access to the exclusive QuantVue indicators: quantvue.io/
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.