Panic buying on USOIL/UKOIL. Waiting the cool down
Hi Folks:
I do not trade volaetility and with last Friday's comments of the White House in regards of the Russia-Ukraine tensions/war it became very difficult to foresee the next stops of the UKOIL.
Here you have some important resistances ahead for your consideration. My strategy at this point is to stay off any position till the dust settles and then back to normal trading. Without having the resources to react immediately like th big funds it is very risky to take a position in either way.
If something triggers more tensions price will keep going up, no doubt about it (mind that Russia accounts 10mbpd production that could be needed if theyre sanctioned). But if diplomacy prevails and things cool down, oil will plummet massively towards 76$.
For those interested I advice to trade options instead, add some puts into your portfolio.
STAY SAFE. Cheers
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I do not trade volaetility and with last Friday's comments of the White House in regards of the Russia-Ukraine tensions/war it became very difficult to foresee the next stops of the UKOIL.
Here you have some important resistances ahead for your consideration. My strategy at this point is to stay off any position till the dust settles and then back to normal trading. Without having the resources to react immediately like th big funds it is very risky to take a position in either way.
If something triggers more tensions price will keep going up, no doubt about it (mind that Russia accounts 10mbpd production that could be needed if theyre sanctioned). But if diplomacy prevails and things cool down, oil will plummet massively towards 76$.
For those interested I advice to trade options instead, add some puts into your portfolio.
STAY SAFE. Cheers
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
