- Oil is fundamentally bullish as airstrikes in Syria threaten Middle Eastern supply, account for roughly 1/3 of daily oil production.
- Previous short trade cancelled.
- Cyclical demand driving up price.
- Closed above Bollinger band last Thursday, 6th April.
- Close above 61.8% signals a general uptrend.
- Previous short trade cancelled.
- Cyclical demand driving up price.
- Closed above Bollinger band last Thursday, 6th April.
- Close above 61.8% signals a general uptrend.
Note
Wouldn't be surprised if this continued pumping today, considering the current headlines about North Korea and Russia.Note
Oil has entered a trading range once again where we will likely see some sideways action. Bearish pressure mounts up as investment into shale oil moves to 19.8 billion for the first quarter of 2017, 3 times as much as shale oil investments in the first quarter of 2016.
uk.reuters.com/article/us-usa-shale-funders-analysis-idUKKBN17J0BK
OPEC has aims for $60 a barrel further production cuts expected from Middle Eastern producers, next OPEC meeting May 25th.
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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.