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
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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
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I think it topped already...This should go into play.
Komentarz
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*come
Zlecenie aktywne
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Looks like I was wrong and we're still trending up, hit target #1, might hit the top target within 2 months:
I do not trade oil but summer approaching oil might shoot upward further to vicinity of 100. In my opinion
JRFreeze
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Any further thoughts on this?? You buying the current dip??
IvanLabrie
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@RJHumphries, risk reward not ideal...I'm long copper, speculating on it catching up to oil.
enilarp
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just broke 65 lvl, I don't know about few months but in this or next week we should see 61 and 57 lvl.
IvanLabrie
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@enilarp, I like the trendline being broken, and the fact that the past 2 weeks we have seen the range of the selloff decline...sellers might be exhausted very soon.
I set alerts at 63.45, if not retested by next week we have a good chance for a bottom.
Alternatively, we could look at lower timeframes and buy on strength with stops below 61.90: