If you've followed me over the last little while you'd know that I've been bullish crude oil for the last 6 motnhs and man it's been and exciting ride! Good news is I don't think we're done yet! So there's still time to get in on the party.
My long term view is crude to 90 :D Although that's a ways off, and we might need to see some consolidation/retracement/market confusion before getting there. So what's happened so far? We formed a major support region in the 63.10 area and have recently broken out. I would typically expect us to continue higher, with the next targets at 71.50 and 75.50 respectively. Right now this my general outlook, and I'll be waiting for an entry to form this week expecting higher prices through the week. If it doesn't happen, I'll reevaluate before looking for a new long.
So what do you think? Am I crazy to be so bullish? We've already moved so far...will it keep going? Share with me your charts, ideas, and comments! Love to hear other traders opinions!
Peace, love, and sweet bamboo, tbp
Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.