USDWTI LONG
Hello guys,
In this video i validate my reasoning for why i am looking for longs on wti.
I have been in a long from last week and i intend to continue with that biased this week based on fundamentals.
Oil has been extremely weak and with Libya, Iran and Oman all endorsing cutting oils production to counter the lack of demand thats been brought about by the corona virus i see oil price as being at a prime buy at 50 although 49.50 also offers a prime buy price. With the oil price likely to shoot up cad will follow suit and gain some strength .We are now just waiting for opec to reduce oil supply. The current price level is a weekly support level that we can see a flood of investors buy since it offers a good level to get into the market.
In this video i validate my reasoning for why i am looking for longs on wti.
I have been in a long from last week and i intend to continue with that biased this week based on fundamentals.
Oil has been extremely weak and with Libya, Iran and Oman all endorsing cutting oils production to counter the lack of demand thats been brought about by the corona virus i see oil price as being at a prime buy at 50 although 49.50 also offers a prime buy price. With the oil price likely to shoot up cad will follow suit and gain some strength .We are now just waiting for opec to reduce oil supply. The current price level is a weekly support level that we can see a flood of investors buy since it offers a good level to get into the market.
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