Oil - Hormuz - Demand up to 80?

Based on potential issues with Iran involving the Hormuz Strait I just published and quickly cancelled a chart looking for a run up to 76.5-77.5 and then a pullback to 74. But then thought - if this issue continues to unfold then prices may just continue to grind up over the next month without much in the way of prices pulling back. I am highly advising taking partial or even full profits at the 76.5-77.5 area in the even that Hormuz becomes a non-isse early in the week, but if prices hover at the 77 level, it may be a sign of a continued bull run and i believe a move toward 80-81 is very possible.

Enter Long: 73.82-74.12
TP1: 76.49
TP2: 77.67
TP3: 78.86
TP4: 80.00

I am advising re-adding/building long positions on a pullback from TP2 and TP3 (see chart for re-add levels).

Questions and comments are welcome, good trading all!

Trade ist aktiv:

This trade is active!

Kommentar:

Monthly:
s3.amazonaws.com/tra...shots/w/WELDWxOX.png

Weekly:
s3.amazonaws.com/tra...shots/f/fj8VXiwe.png

Long Term Supply/Demand created:
s3.amazonaws.com/tra...shots/0/0APnppY5.png

Current on Daily Chart:https://s3.amazonaws.com/tradingview/snapshots/x/XR5ChCtw.png

Good trading all!

Kommentar:

SAME LEVELS Current on Daily chart:

s3.amazonaws.com/tra...shots/x/XR5ChCtw.png

Trade geschlossen: Stop wurde erreicht:

Well,looks like the tariff situation created heavier supply than what EIA could bring on a nice draw today. Big selloff today unfortunately, back to the drawing board.