Crude oil had tested the lower band of the Bollinger Bands indicator on the daily chart. Being a momentum instrument, it has a chance of testing the area below the previous intermediate-term low (testing 52-55k area), after which the price may turn back to $60: the fair price according to the STEO forecast from eia.gov
As WTI oil is entering the seasonal window of growth, so we can assume the mean-reversion scenario to dominate in the near future, especially considering the improving market sentiment.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
As WTI oil is entering the seasonal window of growth, so we can assume the mean-reversion scenario to dominate in the near future, especially considering the improving market sentiment.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
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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.
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.