Technical and Fundamental Analysis
Recent touch of low 58s was due to seasonal weakness and a much broader market sell off; dollar strength. Oil prices will continue to the upside with the high probability of a risk premium due to the current US administration, low capex, storage numbers hovering just above or below multi-year averages, and the miscalculation of US shale oil abilities and possibilities.
Trade active
Incorrect assumption on buy-volume return. Expect it to be tomorrow (02032018) or March 5.
Trade closed: target reached
Exited position at 63 Entry was 60.72
Stop Loss was 59.50
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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.