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.
Please HIT the --->>> "LIKE" and "FOLLOW" button. <<<----
*Not financial advice and is for educational purposes only. Always DYOR.
-- 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.
Please HIT the --->>> "LIKE" and "FOLLOW" button. <<<----
*Not financial advice and is for educational purposes only. Always DYOR.
