Current resistance for oil is currently at its 0.382 fibonacci retracement (from '14 highs to '16 lows) but it is pretty conducive for a sustained uptrend move now that it has achieved a higher low AND higher absorption volume. However I think oil will be stucked trading at the $50-$70 range for now due to the lack of interim catalysts to drive oil prices higher AND confluence of numerous trendline and fibonacci support and resistance in this region.
Unless Iran escalates tensions, I don't see US moving into the Middle East to whoop the Ayatollah's ass based on Trump's unwillingness to go to war nearing the Presidential Election season.
I don't see any positioning trade that I can enter at the moment but if oil dips to $55 again I may take a stab at this.
Unless Iran escalates tensions, I don't see US moving into the Middle East to whoop the Ayatollah's ass based on Trump's unwillingness to go to war nearing the Presidential Election season.
I don't see any positioning trade that I can enter at the moment but if oil dips to $55 again I may take a stab at this.