There are 3 major factors kicking in for a long position.
1 - BIG support on an increased Inventory levels 3M higher than forecast
2 - Gap highing from 100 day MA, can see a pullback to it
3 - Corona getting controlled on China end, seen as a low % infection rate virus
Things to see in the near future:
OPEC cut decisions in March
USA Iran talks, USA China talks
Trump tweets during impeachment period
Reference EIA report:
Latest Release
Jan 29, 2020
Actual
3.548M
Forecast
0.482M
Previous
-0.405M
1 - BIG support on an increased Inventory levels 3M higher than forecast
2 - Gap highing from 100 day MA, can see a pullback to it
3 - Corona getting controlled on China end, seen as a low % infection rate virus
Things to see in the near future:
OPEC cut decisions in March
USA Iran talks, USA China talks
Trump tweets during impeachment period
Reference EIA report:
Latest Release
Jan 29, 2020
Actual
3.548M
Forecast
0.482M
Previous
-0.405M
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Related publications
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.