In my humble opinion, OPEC+ policy will backfire them shortly at such prices. They are bringing back US shale drillers and scaring oil demand.
Look at Tesla rally today due to high oil prices after they decided to keep manipulating oil prices with the same output of 400kbpd while markets where expecting something around 800kbpd.
I will not extend myself with macroeconomics and the consequences they are creating globally with such policy but I invite you to check oil price charts on weekly timeframe and see for yourselves the range from the last 50 years or so. We went skyrocket on 2007 above 140 bucks per barrel but then price plummeted. Usual range is 60-80 according to the market profile, so anything above that would be short-lived.
I find very attractive to open short positions at current level after the parabolic rally from 61 till now.
We are on overbought area so it seems an interesting option to open shorts BUT always taking into account a possible continuation to 78.65 area in the worst case scenario for bears.
Look at Tesla rally today due to high oil prices after they decided to keep manipulating oil prices with the same output of 400kbpd while markets where expecting something around 800kbpd.
I will not extend myself with macroeconomics and the consequences they are creating globally with such policy but I invite you to check oil price charts on weekly timeframe and see for yourselves the range from the last 50 years or so. We went skyrocket on 2007 above 140 bucks per barrel but then price plummeted. Usual range is 60-80 according to the market profile, so anything above that would be short-lived.
I find very attractive to open short positions at current level after the parabolic rally from 61 till now.
We are on overbought area so it seems an interesting option to open shorts BUT always taking into account a possible continuation to 78.65 area in the worst case scenario for bears.