Crude: Time to Close the Long Position! Expected to Fall

15 de fev. de 2021

Oil had a very nice rally (30%) since November, also the OPEC+ decision of cutting supply of 2M barrels/day has pushed the prices to $60 level.

*From April the Saudi is planning to increase the crude oil production to 12.3M Barrels/Day. The Increased supply, reduced demand from China, Oil entering in to the strong technical resistance area etc. factors expect to contribute to pushing the OIL prices down to $54’ish area in the coming weeks!

24 de fev. de 2021

Nota

25 de fev. de 2021

Nota

With the recent Cold freeze in Texas has caused some supply disruption and also triggered more demand for the energy. This puts a pressure on the inventories. Oil is still trading in the HTF strong resistance area & seems lost steam for the upward momentum. I believe Oil is all set for the trend reversal, need wait with patience to go short.. Only after confirmation!!