Oil Soars Past $100, Next Targets?? #OOTT
Oil has soared and smashed through even our most aggressive profit targets. We smashed through 106, then hit 110, before finally coming up for air. A brief retracement appears to be finding support just above 106, so it does not appear that the rally is over, or even showing signs of pause. The Kovach OBV is extremely strong right now, as one would expect, but it has not showed teh slightest intent on leveling off, so it would be FOMO to buy at these highs. Our next target, set from Fibonacci Extension Levels is 116. We have created a giant vacuum zone below, so watch out if 106 does not hold. The next target below is 101.46, then 100.00. After that, we will surely find support in the 90's, but we aren't likely to see such low prices for now.
Join my discord at discord.io/quantguy
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.