Oil has been on a tear thus far in 2019 and I expect nothing short of a full fledged rally should we break above $58. The weekly and monthly time frames look very bullish, as there's no clear supply levels to overcome. I expect oil to be one of the best performing investments of 2019. With that said, oil is considered extremely volatile and very contingent on geopolitical affairs.
A break below $50, and we could witness a drop to the $45 zone.
The two biggest fundamental factors driving price action right now is the political turmoil in Venezuela and OPEC's ongoing production cuts.
A break below $50, and we could witness a drop to the $45 zone.
The two biggest fundamental factors driving price action right now is the political turmoil in Venezuela and OPEC's ongoing production cuts.