Oil Likely to Charge Straight Ahead
Updated
Publishing this ahead of the Oil report as there won't be any more good opportunities to go long after it, unless we get a dip and you have fast hands. While many thesis claim that we are still in a bear trend, we believe that we have completed a bear cycle and are now ready to make a bull cycle. If today's inventory report reports a draw (which we expect) then it should give reason for price to move back up. A weaker dollar has also been supporting oil prices as of lately.
Seasonality gets really bullish starting this week and we don't expect this pattern to change this time around. ADX still shows a bullish trend and we have been flirting with the channel for an entire week, all selling pressure has been soaked up and we are in a bullish pennant.
Stay safe everyone and stay tuned for more updates.
Our stop losses are at 48.30. If you understand the risk and agree, pull the trigger.
Seasonality gets really bullish starting this week and we don't expect this pattern to change this time around. ADX still shows a bullish trend and we have been flirting with the channel for an entire week, all selling pressure has been soaked up and we are in a bullish pennant.
Stay safe everyone and stay tuned for more updates.
Our stop losses are at 48.30. If you understand the risk and agree, pull the trigger.
Note
Short term target was 50.30, we didn't get there so we stopped out at 49.80
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.