Oil has been an interesting one this year. After seeing price drop below -$30 a barrel and now back to $40, you can definitely say it has been a roller-coaster this year.
But when is the right time to buy oil?
Let's take a few fundamental facts into this
With counties opening back up around the world and transport and business starts to go back as normal, there will be a lot more demand for oil. Now, given there was to much supply and no demand, it may take time to use up a lot of the supply before more demand comes back into it.
As I sit here and look at the USOIL chart on my screen, I’m noticing a bullish continuation pattern forming on the daily chart.
My idea on this is to wait for daily bullish clove above the $41.35 resistance before continuing higher back to $51 - $52 level.
But when is the right time to buy oil?
Let's take a few fundamental facts into this
With counties opening back up around the world and transport and business starts to go back as normal, there will be a lot more demand for oil. Now, given there was to much supply and no demand, it may take time to use up a lot of the supply before more demand comes back into it.
As I sit here and look at the USOIL chart on my screen, I’m noticing a bullish continuation pattern forming on the daily chart.
My idea on this is to wait for daily bullish clove above the $41.35 resistance before continuing higher back to $51 - $52 level.