CrudeOil Bullish Structure Confirmation
Updated
Here we go again! Crude oil's super mega uptrend looks to continue! Last time we saw a trend like this was 2009, and it's a long time coming after the major declines in 2014.
Quick summary why I'm bullish in the next weeks:
1. Overall bullish trend
2. Consolidate and form a higher low
3. Failed breakout lower, breakout higher
My next target is 75.50, and if we really move then 80 and 90 are still possible. The announcement of OPEC's higher production limits this Friday potentially puts a limit on the overall trend. Higher production with relatively constant demand (I mean we didn't just start needing 600k/day barrels more oil overnight) should weaken price. Will need to see this in the charts before I give it much weight.
So what do you think? Am I crazy to be so bullish? We've already moved so far...will it keep going? Share with me your charts, ideas, and comments! Love to hear other traders opinions!
Peace, love, and sweet bamboo,
tbp
Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.
Quick summary why I'm bullish in the next weeks:
1. Overall bullish trend
2. Consolidate and form a higher low
3. Failed breakout lower, breakout higher
My next target is 75.50, and if we really move then 80 and 90 are still possible. The announcement of OPEC's higher production limits this Friday potentially puts a limit on the overall trend. Higher production with relatively constant demand (I mean we didn't just start needing 600k/day barrels more oil overnight) should weaken price. Will need to see this in the charts before I give it much weight.
So what do you think? Am I crazy to be so bullish? We've already moved so far...will it keep going? Share with me your charts, ideas, and comments! Love to hear other traders opinions!
Peace, love, and sweet bamboo,
tbp
Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.
Note
So far a nice bullish move as indicated after the OPEC announcement. Now lets see how we trade above 72.80, Oil loves to surprise and snap back into the range. I still think 75.50 will be a target, but if you're in this, definitely take some partial profits :)Note
In case you missed it, move completed this week :D (although technically we just came short of 75.50...I'm not so picky)
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