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Hi folks
I would like to share with you a couple of opposite ideas and that's why you have to pick up one of it based on your own criteria.
BULL pick:
We have had a massive correction today and we have reached some kind of temporary floor.
OPEC+ will have its meeting tomorrow and the no go to ramp up production could send prices slightly higher even though I think that fact is already priced in.
BEAR pick:
Lots of bearish news are suddenly coming out: Iran (oil) back to talks for nuclear deal, the major oil consumer China getting into a possible new lockdown due to a new variant (delta plus) of Covid much more aggressive, US Shale commited to increase production, Biden to release SPR and other measures to counter the effect of the wild inflation, OPEC+ meeting could surprise the market with some output increase due to the global leaders pressure on OPEC countries (I don't think they will agree), API and EIA have shown bearish increasing stockpiles and Friday's rig count may bring some more oil back online (meaning more production from USA), FED also tapering bonds purchasing program that could lead into a near term rate hike sending the USD to skyrocket and making oil much more expensive for those countries with different currency than USD.
As you can see the facts, fundamentals, are currently a bit more on the bear side and I would pick this scenario in the event of breaking the next support. Otherwise seems interesting to try some longs with a tight SL.
Cheers and chose wisely.
I would like to share with you a couple of opposite ideas and that's why you have to pick up one of it based on your own criteria.
BULL pick:
We have had a massive correction today and we have reached some kind of temporary floor.
OPEC+ will have its meeting tomorrow and the no go to ramp up production could send prices slightly higher even though I think that fact is already priced in.
BEAR pick:
Lots of bearish news are suddenly coming out: Iran (oil) back to talks for nuclear deal, the major oil consumer China getting into a possible new lockdown due to a new variant (delta plus) of Covid much more aggressive, US Shale commited to increase production, Biden to release SPR and other measures to counter the effect of the wild inflation, OPEC+ meeting could surprise the market with some output increase due to the global leaders pressure on OPEC countries (I don't think they will agree), API and EIA have shown bearish increasing stockpiles and Friday's rig count may bring some more oil back online (meaning more production from USA), FED also tapering bonds purchasing program that could lead into a near term rate hike sending the USD to skyrocket and making oil much more expensive for those countries with different currency than USD.
As you can see the facts, fundamentals, are currently a bit more on the bear side and I would pick this scenario in the event of breaking the next support. Otherwise seems interesting to try some longs with a tight SL.
Cheers and chose wisely.
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Nice CALL !! Enjoy the profits wisely with your loved ones.
