US OIL still rising

2021년 1월 16일

Hello Traders and Analysts,

Based on what merit?
We have seen a nice impulse into the channel and a rejection upon reaching the trendline at $53.00
Good question, based on the fact - from a technical standpoint - the sell off back in February, March 2020 - reversed on a fractal point within the market structure to the crisis of Oil supply being heavy weighted in comparison to the demand [ which is the floor]. The spike to zero was the abundance of supply which effectively the storage supply became over saturated and "worthless", the May contracts were not accepted for physical delivery and the paying for the delivery took place to prevent further storage.

This imbalance was created in which created the impulse. Price re-established itself with $30-36 zone for a further imbalance where price will now look to as a strong demand for price engineering if needed.

Looking for an entry?
Based on the orange trendline - we would be looking to buy further at $48.00 where price may look to establish a lower high.
If* this zone is broken, the correction will deepen with $46-48 looking to be a buying area.

Here is our original take

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