First target is $160. Why? This is where long-term support is at (How do I know? I'm not telling).
Bullish momentum has largely been subdued in the last 2 years. We have just finished the consolidation phase and have began the descent about 2 months ago.
My first target is actually the most 'conservative' target as I think sub $150 is also likely.
There is...
This is tricky because we're near yearly high
and the price has indeed soared quite rapidly
in the past few weeks.
In fact, in-house estimate of momentum shows
weakening of momentum in the short run so there's
definitely a possibility that we make a lower high
from here.
But until then, price seems quite bullish and we have
recovered from 20ema support on 4 hr...
Put your seatbelt on because after 10 months of delay we're finally cleared for take-off
If you're worried about possible rise in WTI prices, hedge it using either ETFs or Futures.
My in-house analysis show building of a major medium/long term bullish momentum.
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