Slowly starting to scale in on OILThe fundamental outlook for oil is looking bullish. Despite seasonality favoring lower crude oil prices towards the end of the year, the conflicts in the Middle East are pushing prices higher.
Technically, the downward move that has been in place since the beginning of July could now experience a correction. Therefore, I’ll begin slowly scaling into oil at the 61.8% retracement level, keeping in mind that prices could drop further before the end of the year.
According to seasonality, we could see the high in oil prices around May 2025.
Let’s see how it plays out.
