With the recent events in Syria, US crude oil inventories being reported lower than expected, and top it off OPEC's effort in cutting production together with Russia until December this year (previously only up to June 2018), as well as breaking the 65 resistance (as shown in the Daily Chart below), setting a limit buy order with TP @70-80 and tight SL @66.5 (might re-enter near 65 once bullish confirmation exists and if ever price bounces down this week).
oilprice.com/Energy/Crude-Oil/Oil-Prices-Rise-On-Crude-Gasoline-Inventory-Draw.html
forbes.com/sites/braintree/2018/03/07/10-things-charities-and-nonprofits-should-know-about-how-online-giving-can-help-increase-their-reach-and-revenue/
cnbc.com/2018/04/18/opecs-new-price-hawk-saudi-arabia-seeks-oil-as-high-as-100.html
uk.reuters.com/article/us-global-oil/oil-rises-two-percent-as-saudi-arabia-aims-at-100-bbl-us-stockpiles-fall-idUKKBN1HP034
Daily:
Weekly:
Confidence: A (price might consolidate by the end of this week, but based on both fundamentals and technicals, it will more likely continue to be bullish in the succeeding weeks)
oilprice.com/Energy/Crude-Oil/Oil-Prices-Rise-On-Crude-Gasoline-Inventory-Draw.html
forbes.com/sites/braintree/2018/03/07/10-things-charities-and-nonprofits-should-know-about-how-online-giving-can-help-increase-their-reach-and-revenue/
cnbc.com/2018/04/18/opecs-new-price-hawk-saudi-arabia-seeks-oil-as-high-as-100.html
uk.reuters.com/article/us-global-oil/oil-rises-two-percent-as-saudi-arabia-aims-at-100-bbl-us-stockpiles-fall-idUKKBN1HP034
Daily:
Weekly:
Confidence: A (price might consolidate by the end of this week, but based on both fundamentals and technicals, it will more likely continue to be bullish in the succeeding weeks)
Note
Manually entered buy instead of waiting for the buy limit to get hit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.