WTI: Potential is there to see circa $70 by end of year especially if OPEC+ get their act together on Dec 5th. The price churn we have seen Thur and Fri suggest that the funds are re-assessing their risk profile and building up their depleted long positions.
The current price is at support level, and as such is a risky buy and risky sell. Hence the need for tight stops initially until the direction is clear.
However the profit/ risk ratio could be be very high. The Global risks to the economy are well known, and the bond inversion has set the cats amongst the trading pigeons. That is very bullish, because the reaction from the world economies to this very forced situation could also be equally drastic both in terms of fiscal stimulus and rate easing. China, Germany, UK, India and Hong Kong are already stepping forward. That will create downward pressure on the USD and upward pressure on crude oil.
Even when scalping it's good to see the long term direction. This weekly chart gives but one possibility and is worth keeping in mind.
Good luck. Ignore those calling for water falls - that is just noise. Follow the unfolding trend.
The current price is at support level, and as such is a risky buy and risky sell. Hence the need for tight stops initially until the direction is clear.
However the profit/ risk ratio could be be very high. The Global risks to the economy are well known, and the bond inversion has set the cats amongst the trading pigeons. That is very bullish, because the reaction from the world economies to this very forced situation could also be equally drastic both in terms of fiscal stimulus and rate easing. China, Germany, UK, India and Hong Kong are already stepping forward. That will create downward pressure on the USD and upward pressure on crude oil.
Even when scalping it's good to see the long term direction. This weekly chart gives but one possibility and is worth keeping in mind.
Good luck. Ignore those calling for water falls - that is just noise. Follow the unfolding trend.