Technically
- The price has retested the channel support which implies that there is a possibility for pull back.
- Also the momentum is still strong as can be noticed from MACD 4C
- The 30 period MA is sloping upward
Fundamentally
- The economies are opening up from Covid19 pandemic which will likely boost demand and Oil price
- On the supply side, the crude inventories are also declining on weekly basis which is also good for oil price.
I have initiated a long position at current price with first target around $39.50
- The price has retested the channel support which implies that there is a possibility for pull back.
- Also the momentum is still strong as can be noticed from MACD 4C
- The 30 period MA is sloping upward
Fundamentally
- The economies are opening up from Covid19 pandemic which will likely boost demand and Oil price
- On the supply side, the crude inventories are also declining on weekly basis which is also good for oil price.
I have initiated a long position at current price with first target around $39.50
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.