Commodities - Crude Oil - Double Bottom - Get Long
Commodities - Crude Oil. We have a nice accumulation pattern. We have just formed a double bottom with a nice bullish divergence. RSI is lower so selling strength is weakening.
As per my bio I like it when technicals and fundamentals align. Both China and the US have emptied their Strategic Petroleum Reserves. They need to refill them. China will reopen at some point soon and their oil demand will return to normal. With less access to cheap gas countries will turn to oil. I just bought here and target 1 is 92. But looking for a return to 120. Will hit 92 and then monitor the charts for an exit.
Pattern. Double bottom.
RSI is higher on the new low than the previous hence the bullish divergence. Sellers are giving up.
STO is low so primed for a bounce up.
Target 1 is 92
Stop loss 73
As per my bio I like it when technicals and fundamentals align. Both China and the US have emptied their Strategic Petroleum Reserves. They need to refill them. China will reopen at some point soon and their oil demand will return to normal. With less access to cheap gas countries will turn to oil. I just bought here and target 1 is 92. But looking for a return to 120. Will hit 92 and then monitor the charts for an exit.
Pattern. Double bottom.
RSI is higher on the new low than the previous hence the bullish divergence. Sellers are giving up.
STO is low so primed for a bounce up.
Target 1 is 92
Stop loss 73