USOIL long to $101.30

USOIL continues moving to its price target of $101.30.
Then it will be in a channel for some time.
After being in this channel USOIL might try to go to $108 strong price level and break it or rapidly go down to $80, or even $40.

Its movement will be influenced by the possible onset of recession, a decrease in consumption by China, or the failure of the United States to agree with Iran and Venezuela on increasing oil supplies to the market.

The option with a short-term and sharp recession, as in 2020, is more likely. This will restart the markets, new growth will begin. Inflation is unlikely to decrease significantly, although right now everything is moving towards that.

Thoughts, not a financial advice.

Trade active:

Trade closed manually:

next price target - $71
then - $58 or $81

Comment:

bounced from $71 to $81

Oil 01 Jul 24 - price target $123.5 if the price get upward of the triangle