USOIL - My reading through uncertainty

Hi guys,

I'm back.

I've been watching closely the OIL market, and what I'm seeing now is a consolidation above the 73-72$ per barrel (Yellow rectangle) good sign in my opinion for the bullish side.

What I'm looking is a target of the 80 $ - 85 $ which by the way is a reachable target. Keep a close attention to in the transition through the 77-81$ which is a possible reverse level.

Macro-view:
A lot of things to be careful about, too many players. We've got OPEC+ cutting the production and the US not able to sustain the pace of release of its own OIL reserves already cut in half from its peak.

We've got China; recently China approved some stimulus to boost its economy, which may add a higher demand.

We've got the Suez canal being avoided which may add to delays and a higher demand on prices.

On the other side the things that in my opinion could disrupt the oil market are:

A recession in the US (Medium probability)
A ramping production by the OPEC+ (Reeeaally low probability)
China not getting on its feet (Low probability)

Such a complex world we live in, a lot of things to consider after all.

With that being said, I just share my opinion here for the sake of communicating with others with different views.

Personal targets:

First target : 80$
Second target : 85$
Third target: 90$

TradingView always shares it but I'm going to say it again I AM JUST SHARING MY IDEAS NOT FINANCIAL ADVICES HERE

註釋

Possible retest, SL under the support

註釋

Still on it

交易結束：目標達成

Closed half of my position at 80$

註釋

I bought in again, I see the prices moving higher around the 80-83$.
We have so much tension in the middle east, the US needs to restore its reserves and a huge economic growth on the major economies which translated are good signals for OIL

交易進行

交易結束：目標達成

closed