Time to Sell USOIL at 69. Reasons: 1. Fundamentals: New covid variants will drive down demand 2. US enters Hurricane season - drives down demand by cars, but demand by boats and electricity production (generators, etc) will go up. 3. Shutdown in production in offshore facilities will increase volatility. 4. OPEC+ has assured increased production. High Oil prices drive consumers away from Oil faster, not in the interest of OPEC+ 5. Oil price has reached a daily resistance. Oil is overbought in the Hourly time frame.
Thanks :) well .. my rationale is that oil will swing between the 60 and 75 positions. and it should give us a good opportunity to buy when it is close to the low 60s. :) and short at the 70s.
Tradersweekly
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@kaushghosh, Thank you for explanation.
Comiser
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Is oil still falling?
The_Rational_Investor
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@variousChile23239, it was. Now you can expect some pullback before another fall. I would become a buyer of oil at the low 60s.
rakilthegoon
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oil price picked up. how's it going
The_Rational_Investor
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@rakilthegoon, going fine. fundamental assumptions still intact. and my SL is at 72. my TP at 60. gives me plenty of room to play with.