Oil has had a massive bullish run since 2020 which was driven by pandemic followed by post pandemic demand in addition to the more recent geopolitical instability between Russia, Ukraine and NATO countries which accelerated the price to over 100$/bbl.
Years of negligible reinvestment into new oil plays by the energy sector and ever expanding demand for oil should allow price to continue to the upside to challenge the July 2008 all time highs.
Currently the asset is trading within a range between 126.45-92.20 price levels in what I am interpreting as an accumulation for upside objective of 140$/bbl.
There is a possibility for price to sweep under the outlined range to trap breakout short sellers before price accelerates upward and puts a squeeze on the bears.
Years of negligible reinvestment into new oil plays by the energy sector and ever expanding demand for oil should allow price to continue to the upside to challenge the July 2008 all time highs.
Currently the asset is trading within a range between 126.45-92.20 price levels in what I am interpreting as an accumulation for upside objective of 140$/bbl.
There is a possibility for price to sweep under the outlined range to trap breakout short sellers before price accelerates upward and puts a squeeze on the bears.
