Guess airlines are buying tankers now. USOIL will be forced back into its channel overshooting $45 a barrel and perhaps quickly back to $70 pulling back from $80. Then another jump to $100, ready to retrace 2014 and as hyperinflation develops hit $160 by Sep 2021. Followed by a replay of July 2008, deep recession..
Komen
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Sep '22 back to $100 ..
Komen
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You can't ignore the monthly hammer forming..
Komen
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Yup, still on track..
Dagangan aktif
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Expecting big leg up shortly
Komen
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Something in the making
Komen
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On 1D
Dagangan aktif
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Pump that Oil
Dagangan aktif
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We have another go!
Komen
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Added alternative PA path based on PA momentum of the past weeks. It targets $160 by December '22.
Komen
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It seems to slow down to break $45
Komen
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The diagonal trend is the alternative price action path extended on the monthly into the following years.
Komen
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Trendline resistance similar to 2002/2003 with SARS, which eventually lead to the housing bubble in 2008..
Komen
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Oil continues to follow trend with target $160 by Sep'21
Komen
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Angle towards target prevails (big arrow). New Divergence set in as visualised by trendline with original target angle (small arrow). Indicating target may be reached earlier or a correction for recent delays is being made here imho.
Komen
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Date time adjustment following USD bull perma rig disassembly
People laughing saying you crazy and what a joke makes me even more want to go long. Bet against the general consensus of the public and you'll come out on top, guaranteed.
RespectRiskManagement
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@bigdubyathompson, Yep, as a contrarian, I feel comfortable being long Oil. I just don't know when or where 'the top' will be. The OP's analysis isn't as unreasonable as the other commenters here posted. We could easily be starting Grand Supercycle Wave 3 in which a reasonable price target (1.618 extension) is >160/bbl. Especially considering wave 3's generally are the most violent (aka parabolic where price action is almost vertical), that time horizon is plausible. On an inflation-adjusted basis in today's dollars, the 2008 high is over 160/BBL as well, so a return to that pricing is merely just a double top on the macro level. I am probably one of the few people out there that think Oil will reach over 300/BBL eventually, but really the debate in my mind is with respect to time horizon and the instrument of choice to be in for that type of move.
STalpur
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you must mean minus $160, minor typo in your head line.
LeMack
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Joke or not, we can't trade this from current price level. Overnight fees are simply too high and the risk of going negative before contract expiry dates will probably remain if demand doesn't pick up. I you have an empty oil tanker parked outside your beach house, well that's a different story.
Valentasm
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@LeMack, Exactly. I had so many long order, but after some days i was surprised for over night fees. It just eats all profit.