Crude Oil futures: Big upside possible
Updated
It seems Crude oil is about to stage a massive rally lasting 17 weeks. I can see it going between $51 and $77, best case scenario.
Ideally it should hold over 37.14 here, to not disrupt the currently active bullish signals on chart. The weekly timeframe and monthly timeframe are a good way to frame the price action patterns that have clearly indicated what price behavior would do since the COVID crash, so they are quite reliable here. Both suggest big upside is possible, so definitely time to be long and pay attention.
Cheers,
Ivan Labrie.
Ideally it should hold over 37.14 here, to not disrupt the currently active bullish signals on chart. The weekly timeframe and monthly timeframe are a good way to frame the price action patterns that have clearly indicated what price behavior would do since the COVID crash, so they are quite reliable here. Both suggest big upside is possible, so definitely time to be long and pay attention.
Cheers,
Ivan Labrie.
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So far so good...
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Further confirmation of strength. This has legs! Hold long term exposure via energy stocks, futures are good to trade but harder to hold on to for bigger moves.
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Very close to the target and time expiration, pay close attention.Note
Expiration by March 12th, we already see a reaction in oil here. I'm a bit concerned.Note
A bit concerned here, time is running out for oil futures, maybe basing or retracing next. Last: 64.78Ivan Labrie
March 10th 2021
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