WTI OIL Long for 77 per barrel
Updated
Trend trading the constant rallying in West Texas oil, indicators showing a long opportunity with the S/L and T/P based on x1.25 the 14-day ATR. If oil reaches 77 per barrel, this may be the first time in years that it has reached such a level.
Fundamentals to consider:
- Economies are opening back up, therefore driving demand for oil, up, due to the low production from OPEC prices may continue to rise.
- OPEC meeting on Monday, until the meeting is over is when an entry can be considered. In the event, anything is said that may play with the price.
Fundamentals to consider:
- Economies are opening back up, therefore driving demand for oil, up, due to the low production from OPEC prices may continue to rise.
- OPEC meeting on Monday, until the meeting is over is when an entry can be considered. In the event, anything is said that may play with the price.
Order cancelled
After OPEC canceled the meeting on Monday, shooting price up to about $77 per barrel, later $78 per barrel early Tuesday morning. After hearing the meeting will be rescheduled I've held on, waiting for a better entry. However, OPEC has now started production to increase, hence the extreme drop in price. This will have either the following outcomes:
- Price consolidates for a lengthy time.
- Price starts dropping after a period of consolidation.
One thing is for sure, I believe, the price will consolidate.
Note
As you saw price took a huge hit to the downside. This is why you stay away from the news as much as possible. Money well saved ;)
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