Time to enter Crude longs again?
Updated
Perfect entry point from technical point of view, I suggested this trade before too.
You should target $71 and $74 as TPS.
The market will tighten in the second half of 2023 partly due to ongoing OPEC+ supply cuts and Saudi Arabia's voluntary reduction for July. The combination of robust demand reduced exports, and a larger-than-expected drawdown in inventories suggests a positive outlook for the crude oil market.
You should target $71 and $74 as TPS.
The market will tighten in the second half of 2023 partly due to ongoing OPEC+ supply cuts and Saudi Arabia's voluntary reduction for July. The combination of robust demand reduced exports, and a larger-than-expected drawdown in inventories suggests a positive outlook for the crude oil market.
Note
First level of $71 breached easily.Trade closed: target reached
Second level of $74 reached, exit for gains. Light shorts are in order.
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