OXY AND HURRICANESIt is time to put Oil on your radar for two reasons. One thing that is really striking is how the stores are already selling completely out of water this weekend, after visiting 8 stores and coming up empty handed. BUT, how will the country be faced with gasoline shortages as mass panic begins to strike into the human mindsets, fear, and much more. Especially with not knowing the exact placement of the hurricane and the strength of destruction as the country is facing record high inflation and the government is depleting the strategic reserves of our Oil. THEY will need to start buying the Oil off the market at a rapid pace before the price of oil begins to aggressively increase - thus fueling the demand for buying; causing a momentum spike in price action.
I am linking my home repair and oil charts below for simplicity purposes.
My support/resistance lines are represented with the horizontal lines. You can use those as targets and/or entries for positions based on bounces of those areas or rejections.
