OIL me up
What a crazy rally its been for oil since last November.
Just passed the .786 Fib level on the daily based on the highs of Jan 2020 and looks pretty solid growth wise.
Possible it can go to top of channel around 65.
Definitely been good for the OPEC cartel and the USA.
Maybe theres some cracks?
A lot of traders are pricing in a recovery already in travel and based on vaccination roll out (new variants) seems like this might have been jumping the gun a bit.
Ichimoku looks like it about to cross over and the baseline has been acting as support during this rally. How long will it sustain?
Completely over bought on the daily chart and just went into overbought territory on weekly chart as well.
historically OIL and DXY have been inversely correlated since the oil trade around the world is done in the good ol Benjamin.
Curious to see how a decline in prices would affect DXY.
Let's see what you think,
That's all folks.
Just passed the .786 Fib level on the daily based on the highs of Jan 2020 and looks pretty solid growth wise.
Possible it can go to top of channel around 65.
Definitely been good for the OPEC cartel and the USA.
Maybe theres some cracks?
A lot of traders are pricing in a recovery already in travel and based on vaccination roll out (new variants) seems like this might have been jumping the gun a bit.
Ichimoku looks like it about to cross over and the baseline has been acting as support during this rally. How long will it sustain?
Completely over bought on the daily chart and just went into overbought territory on weekly chart as well.
historically OIL and DXY have been inversely correlated since the oil trade around the world is done in the good ol Benjamin.
Curious to see how a decline in prices would affect DXY.
Let's see what you think,
That's all folks.
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