Oil prices are climbing, benefiting the energy and energy exploration sectors. I published the breakout of this opportunity with 
COP in mid July. It's price history has respected these measured movements and the initial target was reached today. It's possible that we extend to $133, and potentially even set new highs in the upper section of the channel in the $140's. Note that $144 would be the 1.618 extension from the January - March retrace.
That being said, I took profit now and will manage the remaining position by actively edging up a stop loss. While oil supply is tight, it's an OPEC decision and can reverse without much notice. Additionally, we can see that oil just hit its VWAP from the 2022 high, which is likely to initially act as resistance.
COP in mid July. It's price history has respected these measured movements and the initial target was reached today. It's possible that we extend to $133, and potentially even set new highs in the upper section of the channel in the $140's. Note that $144 would be the 1.618 extension from the January - March retrace.That being said, I took profit now and will manage the remaining position by actively edging up a stop loss. While oil supply is tight, it's an OPEC decision and can reverse without much notice. Additionally, we can see that oil just hit its VWAP from the 2022 high, which is likely to initially act as resistance.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.