12 Year Trend Done Oil

7 במרץ 2021

Broke the trend on Oil just this month. I have a feeling that those that were too afraid of buying earlier will now see $$$ and panic buy. FOMO on oil. Anything is possible. Have several instruments that I am riding this one purchased since before March of '20, during that month, and afterwards. I think we might back-test that break however, so I'm cautious about adding here. Interesting resistance zone btw 70 (BB Band) and 73 which is the 50% retrace of the move down from 150 in '08. Fundamentally not sure the world is ready for 75$+ a barrel right now, but it takes time to start new production, and if supply gets into a bottleneck, 150$ might be on the horizon in a few years. Not planning on hodling my O/G equities and speculative long forever, but summer driving season is on the way. Next few months are going to be interesting and much more fundamental study is going to be required.