After an amazing rally shortly after Oil futures went NEGATIVE on the 20th of April 2020 (I day I will never forget), US OIL has been in a steady uptrend supported by global demand coming back online from the COVID-19 Pandemic.
As inflation increases with demand for Oil and a dramatic increase in EV sale forecast (per ARK Invest), I am looking forward to seeing battel wage on for dominance in this space.
That said, the reliance on Oil is not going to fall drastically any time soon and I do expect a return to $100 a barrel in the short to medium term. I also believe that high inflation in the short term further supports the below price target.
Therefore, I could see Oil breaking out of this Bull Flag pattern with an short term target of $93 per barrel by the end of the year.
Keen to hear your thoughts in the comments!
Boom,
TheRaggy
As inflation increases with demand for Oil and a dramatic increase in EV sale forecast (per ARK Invest), I am looking forward to seeing battel wage on for dominance in this space.
That said, the reliance on Oil is not going to fall drastically any time soon and I do expect a return to $100 a barrel in the short to medium term. I also believe that high inflation in the short term further supports the below price target.
Therefore, I could see Oil breaking out of this Bull Flag pattern with an short term target of $93 per barrel by the end of the year.
Keen to hear your thoughts in the comments!
Boom,
TheRaggy
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.