Oil to $67.35/bbl in July, 2019
Updated
Hey everyone,
This is my first published TA (USOIL on the weekly chart) with TradingView. My thoughts on this, is that oil will continue to head to the R1 Pivot Point, as this is used widely among floor traders. Oil companies have taken large hits recently, with oil being in the low 40's before climbing back up. The "happy median" for global oil prices is about 60/bbl. If oil solidly breaks through 660/BBL, I believe we will see oil rise upwards of 667/BBL before coming down. I am calling for July, as this is peak for the summer months when the price of oil is usually highest. From their, I believe we will see a steady downward slope going into the winter months, whereas natural gas will become the next rising commodity. Do keep in mind, oil sanctions did go into effect in 2018, and the USA has become the largest supplier of oil. This should be treated as a "new" market, because past performance had other factors involved, that were not involved in prior years. This "prediction" is going past technical analysis, into a more open-minded price target based on global demand. The RSI is making lower lows, while the price is making higher highs. We do see this divergence. This could potentially cause oil to be oversold (<30), giving it the momentum to drive higher. The other indicator is the MACD lines, showing a solid cross signaling a strong uptrend.
Zak
This is my first published TA (USOIL on the weekly chart) with TradingView. My thoughts on this, is that oil will continue to head to the R1 Pivot Point, as this is used widely among floor traders. Oil companies have taken large hits recently, with oil being in the low 40's before climbing back up. The "happy median" for global oil prices is about 60/bbl. If oil solidly breaks through 660/BBL, I believe we will see oil rise upwards of 667/BBL before coming down. I am calling for July, as this is peak for the summer months when the price of oil is usually highest. From their, I believe we will see a steady downward slope going into the winter months, whereas natural gas will become the next rising commodity. Do keep in mind, oil sanctions did go into effect in 2018, and the USA has become the largest supplier of oil. This should be treated as a "new" market, because past performance had other factors involved, that were not involved in prior years. This "prediction" is going past technical analysis, into a more open-minded price target based on global demand. The RSI is making lower lows, while the price is making higher highs. We do see this divergence. This could potentially cause oil to be oversold (<30), giving it the momentum to drive higher. The other indicator is the MACD lines, showing a solid cross signaling a strong uptrend.
Zak
Note
We are holding the $63-$64 level. Still on track for July.Trade active
Continue to hold. USO options for July expiration with a +4% Break Even point also looking good if you are late getting into the future's trade posted in Feb.
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