Long term buy on OIL - $100+
Hey yall, been a while since a posted an analysis but here it goes ..
[ My sentiments on Oil ]
2016 until present : Oil has been in an overall bullish direction . Minus the drop that happen to the low of 0.01 in 2020 , price still closed out around $48 that year. Then in 2022 price went up to $128 but closed at $80 that year. I took mark of the 2 year bearish trend that was through 2022-2023. First quarter of this year we see price break the price within that 2 year bearish trend. After a few analyzation, both technical and fundamental, I can see Oil reaching $100+ a barrel.
Fundamental side ..
1. War with Russia & Ukraine
2. OPEC+ announced a supply cut to keep prices higher
If you come across my analysis and you agree please feel free to like or leave a comment.
Blessings to you all!
[ My sentiments on Oil ]
2016 until present : Oil has been in an overall bullish direction . Minus the drop that happen to the low of 0.01 in 2020 , price still closed out around $48 that year. Then in 2022 price went up to $128 but closed at $80 that year. I took mark of the 2 year bearish trend that was through 2022-2023. First quarter of this year we see price break the price within that 2 year bearish trend. After a few analyzation, both technical and fundamental, I can see Oil reaching $100+ a barrel.
Fundamental side ..
1. War with Russia & Ukraine
2. OPEC+ announced a supply cut to keep prices higher
If you come across my analysis and you agree please feel free to like or leave a comment.
Blessings to you all!
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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.
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.