US OIL MARKET BREAKDOWN
USOIL BREAKDOWN;
OIL has been persistently bullish since 20/12/21 and has we can see on this 4hr chart there has been no pullbacks during it's rally, throughout my breakdowns a constant word has appeared (liquidity), the longer oil goes on without any pullbacks the violent the drop will be grabbing as much liquation as possible to drive it up further. Think of it like this right now is a train powered by coal, the train is constantly being fed with fuel driving it at 100mph but eventually this fuel is going to run out and the train will come to halt at platform and fuel will be loaded back up again.
Oil reached 85.47 which was marked out in the last breakdown and its another target hit, as I have stated previously oil is in a region on the charts where there is no slowing down until $87 region but again this could be smashed through due to the train analogy stated above as at this moment in time no one can be sure when the drop is coming, the only region I am comfortable shorting from is the $87 region but this would be done with caution and little risk.
The main factor driving oil right now is inflation but the tensions between Russia and the US could drive it even further. DXY plays a role in oil and a decline in the dollar can easily push oil higher as well.
Right now oil is a raging bull and its not to be messed with so it's a case of sitting and waiting for $87 before we make a decision. Realistically oil should be offering a pull back around $87 but nothing is certain at this stage.
OIL has been persistently bullish since 20/12/21 and has we can see on this 4hr chart there has been no pullbacks during it's rally, throughout my breakdowns a constant word has appeared (liquidity), the longer oil goes on without any pullbacks the violent the drop will be grabbing as much liquation as possible to drive it up further. Think of it like this right now is a train powered by coal, the train is constantly being fed with fuel driving it at 100mph but eventually this fuel is going to run out and the train will come to halt at platform and fuel will be loaded back up again.
Oil reached 85.47 which was marked out in the last breakdown and its another target hit, as I have stated previously oil is in a region on the charts where there is no slowing down until $87 region but again this could be smashed through due to the train analogy stated above as at this moment in time no one can be sure when the drop is coming, the only region I am comfortable shorting from is the $87 region but this would be done with caution and little risk.
The main factor driving oil right now is inflation but the tensions between Russia and the US could drive it even further. DXY plays a role in oil and a decline in the dollar can easily push oil higher as well.
Right now oil is a raging bull and its not to be messed with so it's a case of sitting and waiting for $87 before we make a decision. Realistically oil should be offering a pull back around $87 but nothing is certain at this stage.
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