Weekly outlook August 26-30 $USOIL
Although, previously bearish on oil, i am open to the idea of a breakout from the ascending triangle. If geopolitical tensions escalate in the middle east, 
USOIL prices can serve as a proxy to this conflict. However, as per previous forecast, if geopolitical tensions do not escalate - i dont think they will personally - then 67$ oil is still on the table. Its also important to note that USOIL also serves as a proxy of economic activity - hence why I include it in weekly outlooks. Weaker USOIL = weaker demand for oil = weaker economic activity.
USOIL prices can serve as a proxy to this conflict. However, as per previous forecast, if geopolitical tensions do not escalate - i dont think they will personally - then 67$ oil is still on the table. Its also important to note that USOIL also serves as a proxy of economic activity - hence why I include it in weekly outlooks. Weaker USOIL = weaker demand for oil = weaker economic activity.
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.
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.