Pure TA on oil, I know nothing of the fundamentals other than the supply chain is super tight. Stockpiling oil is highly impractical so it is essentially consumed as it's drilled. Also energy prices and economic growth are highly correlated as well, so manipulation by OPEC et al really is them having their hands around the windpipe of global growth. Throw in the fact that nearly 100% of oil trade is conducted in USD only and you've got a very strong monopoly over the worlds energy supply. God bless the people who analyze production surplus/deficits, because as far as I'm concerned the only thing trustworthy here is the chart.
I'm steadily building a stock portfolio of metals, energy, utilities, and healthcare (and of course a big pile of cash), stuff that tends to weather economic slowdowns. Depending how Oil behaves I'll be adding some $PGHEF and $OBE to my holdings, <50c.
An entry here with a stop at 44.2 is pretty decent r/r. Very typical behavior of a bottom in prices here. If $44 breaks, wait and see how it behaves around $42.5.
Those yellow lines are previous levels I identified and of course it blew through all but the very last one, just goes to show. There's a lotta supply levels from oil's recent carnage, and there's way more identified here than I'm comfortable with, so ya know, educational purposes only etc. Probably half of these zones will fail.
I'm steadily building a stock portfolio of metals, energy, utilities, and healthcare (and of course a big pile of cash), stuff that tends to weather economic slowdowns. Depending how Oil behaves I'll be adding some $PGHEF and $OBE to my holdings, <50c.
An entry here with a stop at 44.2 is pretty decent r/r. Very typical behavior of a bottom in prices here. If $44 breaks, wait and see how it behaves around $42.5.
Those yellow lines are previous levels I identified and of course it blew through all but the very last one, just goes to show. There's a lotta supply levels from oil's recent carnage, and there's way more identified here than I'm comfortable with, so ya know, educational purposes only etc. Probably half of these zones will fail.