Oil continues to push higher and has broken out of the recent descending channel with strong momentum and indicators reset on the daily timeframe.
Should retest the 2018 highs (76.88) again shortly.
This time it may even break through and continue marching higher...
Looking at the weekly timeframe - if we do break through the 2018 high, I am thinking we will see oil push to $100-105ish mark (2011-2014 highs) in the near future
עסקה פעילה
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I remain bullish
הערה
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Ding ding ding
הערה
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Still riding the daily channel up
But I'm also still watching for any reactions to last week's megaphone (top resistance turned support?) for clues for potential interim topping pattern
First, I like the hourly setup to move up another $1.50. Today's bull flag is textbook.
I see your resistance zone, and I agree there will be a serious battle to cross that zone.. but when we do, I think the target is $140, the yellow line.
The yellow line is 'global business as usual' in my mind. I think we've had enough inflation that $140 is the new $100.
Blue_Eyed_Owl
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Would seriously f*ck up the world economy such a high oil price. Opec are forecasting a surplus in 2022 so I remain bearish but I agree text book bull flag. Almost too perfect…
Blue_Eyed_Owl
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@Blue_Eyed_Owl was in reference to comment on $140 barrel oil. I cannot see demand getting that high bar major % GDP increases in each major economy which isnt going to happen really is it. The V shaped recovery has petered off
I see your resistance zone, and I agree there will be a serious battle to cross that zone.. but when we do, I think the target is $140, the yellow line.
The yellow line is 'global business as usual' in my mind. I think we've had enough inflation that $140 is the new $100.