Oil: I'm neutral on it for the year...

I've been contemplating wether oil can go higher or not from here but given the sentiment I had made a guess for price action, that would let it reach the monthly target on time, before collapsing. Longer term, It might be an excellent buy once it does retest support below, but for now it's not something I'd reccomend buying. I do like the $CAD long, and it shows a big spread vs oil, so I keep exposure via that trade, but oil is only 4% of Canada's GDP, so it's not such a big drag on it if it doesn't go up.
I'll be watching it from afar, and reccomend doing the same this year.

Cheers,

Ivan Labrie.

Komentarz:

Oil hit the monthly target in white, this might be the start of a correction or consolidation as depicted in my chart. Too many people got hyped right when it hit it...bearish!

Komentarz:

I think it topped already...This should go into play.

Komentarz:

*come

Zlecenie aktywne:

Looks like I was wrong and we're still trending up, hit target #1, might hit the top target within 2 months:

Komentarz:

So far so good.