Oil saw a massive spike higher on Monday due to the drone attack in Saudi Arabia. Saudi Arabia’s two largest oil-producing facilities. This hit was a devastating blow, which saw Saudi Arabia cut oil production by 50%.
This caused huge demand in the price reaching and exceeding our goal of $61 a barrel! Oil moved up an entire +12.8% on the day! Closing has a strong bullish engulfing candlestick pattern
We have an expectation that Oil will have some correction and pull back within the Daily Bear Flag before continuing higher. Ultimately, we believe OIl will rally one last time before seeing the pattern completion.
We are aware that OPEC is against rising prices, as higher prices make it a less desirable product (compared to other resources in the scope of the next decade.) So we believe they will intervene in some manner to move prices lower, which will agree with the Bearish Flag Patterns.
THE PLAY: We are looking for a move lower to take the buy trade once more.
This caused huge demand in the price reaching and exceeding our goal of $61 a barrel! Oil moved up an entire +12.8% on the day! Closing has a strong bullish engulfing candlestick pattern
We have an expectation that Oil will have some correction and pull back within the Daily Bear Flag before continuing higher. Ultimately, we believe OIl will rally one last time before seeing the pattern completion.
We are aware that OPEC is against rising prices, as higher prices make it a less desirable product (compared to other resources in the scope of the next decade.) So we believe they will intervene in some manner to move prices lower, which will agree with the Bearish Flag Patterns.
THE PLAY: We are looking for a move lower to take the buy trade once more.