As Biden continues to decimate Americas strategic oil reserves.

25 дек. 2022 г.

Hi all thanks for looking, Oil has been on a seriously long downtrend and now reached a level of support, its looking bouncy as you see. I believe he (Biden and co) have been doing this to make his party look good and show people how he can control inflation, but if this is the case its a matter of time before control is lost, if oil was sky high as it easily could be RN he would likely have got destroyed in the recent mid term elections and lost the senate. Americas strategic oil reserves are for use only in an emergency. There is no immediate emergency at this moment so he is doing the people a huge disservice, as when not if there is, there will be none or a low ammount. Im looking to get in the long trade now as sooner or later these reserves will need to be bought back, or we move to entirely to so called 'green energy', even then oil is needed its a nonsense. With the price being pushed down for this reason, I believe it will have a MAJOR rebound in the long term IMO to all time highs, even in the short and medium term I like to play this bounce it looks to me like theres a lot of room to run. Escalation in war will also likely catapult it ridiculously. Depending on the length of the play youd be going for, you could put a stop loss either below yesterdays low, or the weekly swing low if you intend to hold longer term. I think there is great RR to be had here. Another key thing I almost forgot to mention, from a technical standpoint, we have just had a bullish crossover on the RSI. Good luck if you take the play. Thanks.