USOIL MARKET OVERVIEW
FIRST THINGS FIRST;
I DON'T CONTROL THE MARKETS, YOU DON'T CONTROL THE MARKETS BUT THEY DO. STOP GETTING EMTIONALLY ATTACHED TO TRADING AND LOOK AT THE CHARTS FOR WHAT THET ARE. WHALES CREATE THE WAVES AND WE JUST RIDE THEM, 3 TRADES TAKEN THIS WEEK AND 1 LOSS. AS SOON AS A LOSS COMES ALONG YOU BECOME THE MOST HATED PERSON. GET YOUR HEAD OUT OF THE SAND AND UNDERSTAND TRADING FOR WHAT IT IS (RANT OVER).
WTI conformed to the last market overview we did perfectly and we are now starting to see a bullish pullback from last weeks sell off. Price is caught in that daily range which we must pay attention to. The $107 line which has been marked plays a key role in the development of WTI. Below this line and we will start dipping to the lows of last week but above it and we will start seeing $116-$119 a barrel.
We are outright and honest with all over our post and right now we don't know exactly which way the market is going go but here's our bias;
WTI has come back into the daily range as stated but the buyers are not as strong as they use to be and sellers are starting to take charge. WTI climb rapidly from $50-60 a barrel all the way to where we are now without any form of correction. The conflict in Russia was a fundamental factor to this but the true factor was inflation and covid. High inflation is directly associated with high oil prices and with inflation only set to soar further that only leaves oil with one direction BUT first I believe we will see a long overdue correction unless NATO and Russia start and armed conflict.
All countries are struggling with inflation and a lot of the general public are as well. Governments will have no choice but attempt to slow down inflation (although the increase in unstoppable). Governments will work with OPEC in an attempt to drive oil prices down and they will do this buy increasing production and rig counts. This measures will be a temp fix and the rise in oil will come again but it will provide some breathing room for a while.
I see WTI pushing $115.20-$116.40 this week before we see another sell off and I think this will be the sell off to confirm the short-mid term bear cycle we will see (again any tensions with Russia and price will soar). I believe that one the next rejection is seen price will fall off to $100 > $94.50 where there will be a decent pullback and the a continuation to $87-85 with a final destination of $78.30.
This will not be an overnight process but I believe once the bull cycle has complete it's correction we will push to new ATH and my prediction of $185 a barrel stands firm.
I DON'T CONTROL THE MARKETS, YOU DON'T CONTROL THE MARKETS BUT THEY DO. STOP GETTING EMTIONALLY ATTACHED TO TRADING AND LOOK AT THE CHARTS FOR WHAT THET ARE. WHALES CREATE THE WAVES AND WE JUST RIDE THEM, 3 TRADES TAKEN THIS WEEK AND 1 LOSS. AS SOON AS A LOSS COMES ALONG YOU BECOME THE MOST HATED PERSON. GET YOUR HEAD OUT OF THE SAND AND UNDERSTAND TRADING FOR WHAT IT IS (RANT OVER).
WTI conformed to the last market overview we did perfectly and we are now starting to see a bullish pullback from last weeks sell off. Price is caught in that daily range which we must pay attention to. The $107 line which has been marked plays a key role in the development of WTI. Below this line and we will start dipping to the lows of last week but above it and we will start seeing $116-$119 a barrel.
We are outright and honest with all over our post and right now we don't know exactly which way the market is going go but here's our bias;
WTI has come back into the daily range as stated but the buyers are not as strong as they use to be and sellers are starting to take charge. WTI climb rapidly from $50-60 a barrel all the way to where we are now without any form of correction. The conflict in Russia was a fundamental factor to this but the true factor was inflation and covid. High inflation is directly associated with high oil prices and with inflation only set to soar further that only leaves oil with one direction BUT first I believe we will see a long overdue correction unless NATO and Russia start and armed conflict.
All countries are struggling with inflation and a lot of the general public are as well. Governments will have no choice but attempt to slow down inflation (although the increase in unstoppable). Governments will work with OPEC in an attempt to drive oil prices down and they will do this buy increasing production and rig counts. This measures will be a temp fix and the rise in oil will come again but it will provide some breathing room for a while.
I see WTI pushing $115.20-$116.40 this week before we see another sell off and I think this will be the sell off to confirm the short-mid term bear cycle we will see (again any tensions with Russia and price will soar). I believe that one the next rejection is seen price will fall off to $100 > $94.50 where there will be a decent pullback and the a continuation to $87-85 with a final destination of $78.30.
This will not be an overnight process but I believe once the bull cycle has complete it's correction we will push to new ATH and my prediction of $185 a barrel stands firm.
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