Brent Oil to hit $150 in 2022 - Supply Side Reduction

FX:UKOIL   CFDs on Crude Oil (Brent)
SUMMARY: long, very bullish on Oil and see it hitting $150 in 2022.

-- Technical --
Oil is above the 50/100/200 EMAs and continues it price climb - bull market trend.

RSI shows we are overbought and MACD is showing we are overextended and there will be some pull back - bearish signal.

We have a hidden bearish divergence in the RSI and price trend, we may see a pull back to towards the $65-70 level before resumption to upwards to a ATH in 2022.

-- Fundamentals --
Under investment into the sector in 2020 is leading to reduction of supply and demand will continue to grow throughout 2021 and 2022.

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*Not financial advice and is for educational purposes only. Always DYOR.