After doing some research I have seen that the price of Oil tends to rally during the summer months with prices peaking in September - October.
During the summer months, particularly in August, oil prices tend to rise. Why? Because this is when the summer driving season is in full swing. As people hit the roads for vacations and travel, there’s an increased demand for gasoline. This higher demand for fuel contributes to the upward pressure on oil prices. Additionally, hurricane threats in the Gulf of Mexico are also factored into oil prices during this period.
I am looking to start buying Oil after the next retracement. We could see prices fall to 82.00 - 80.00. I expect prices to reach 87.50 by the end of summer or beginning of September.
Let me know what you guys think :)
During the summer months, particularly in August, oil prices tend to rise. Why? Because this is when the summer driving season is in full swing. As people hit the roads for vacations and travel, there’s an increased demand for gasoline. This higher demand for fuel contributes to the upward pressure on oil prices. Additionally, hurricane threats in the Gulf of Mexico are also factored into oil prices during this period.
I am looking to start buying Oil after the next retracement. We could see prices fall to 82.00 - 80.00. I expect prices to reach 87.50 by the end of summer or beginning of September.
Let me know what you guys think :)
Note
Strong bullish daily candle, Lets see if price continues up.
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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.