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DBNO got to laugh, now oil is technically overbought. Do you ever commit to trades or just endlessly go on about reason not to commit.
Commodities do not perform to TA's. Pure supply, demand and logistics of moving the commodity to market.
Supply Vs demand currently balanced. Logistics look set to constrain supply to market both in the US and ME. POO is range bound but IMO will soon break upwards in will donsonin style.
Just my opinion. I sleep easy knowing I have done my research, commited to it and will hopefully be rewarded for this.
I would rather try and fail than never try at all.
Just imagine Zama news landing tomorrow morning, Zama asset offer received at $1.5b lol How gutted would you feel not holding any stock lol
If Brent breaks $63.3 tomorrow then it’s game on.
And you be careful on your execution tomorrow; hopefully the morning scramble doesnt spoil your buy in price ;), imagine getting those digits mixed up again and paying 76 instead of 67.
Will agree though that not an easy market. Good Luck
you could also say oil is technically at overbought levels now.
oil price still range bound. it failed to close above the range resistance. be careful.
Brent chart showing nice bullish engulfing candlestick on daily chart....outside day
And ti developing double bottom. Key neckline resistance just under 55 bucks, targeting 4 dollars upside
Meanwhile Brent related premiums on the move as Middle Eastern freight costs jump...and Saudis reducing exports as they hit peak burning season for power generation over summer months.
Chinese refiners coming out of turnaround season.
More importantly dovish fed and stimulus in Europe and China
And keep looking for those Talos post market announcements...has to drop soon