USOIL
I don't think we should see any strong move from oil any time soon after the last OPEC and non-OPEC meeting where they decided to extend their policy of cutting down the oil production till early next year and also a news that there is an additional demand for oil drove the price up to hold steady at around $49 - $50. In a long run, we shouldn't see it a summer-party of oil again, but until then let's take a look at the graph.
In a day time frame, oil is near its previous resistance and it actually did test the level recently - long top wick. Fisher is moving close to the significant level which is around 2.7 - posing a very limited upside.
In a week time frame, a very good outlook in a technical perspective where the price is rebounding back to test the next level at around $55, but there's a long way to go as it's going to have to test the first daily resistance first. Fisher is moving up with no imminent significant level on sight - opening a great upside.
I put my consensus as long, but I would not suggest anyone to open any new additional position at this point. Wait for a pullback and you might have a chance. Hold for any who already have the position target price is the first daily resistance level.
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It went up after my analysis, but here we go down again. I'm not closing the position just yet. For now, close monitoring is what I will do. I still think that in a long run it can still go up.
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Your patience paid off :)
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My first thought was to sell-off the position when the price hit $55 level, but because of the recent news that OPEC could push for the production curb beyond March 2018. This actually gives me less doubt that the price would stop at $55. Also, we are actually seeing a backwardation of futures. So, this gives us a good opportunity to long futures contracts of 2018 that is currently below spot. In short, I remain holding of position, but if possible 1/3 of exposure reduction is a sound decision as well.
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Boom! LAW OF REFLECTIVITY! Every man for himself by father of economic still kinda works though. Now, it just gonna continue to go up regardless of crazy middle east news. No matter what somehow it will continue to go up anyway! Who cares as long as we make money!
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Oil is on a rise from the way here. Last chance!