Engulfing BULLISH candle on daily USOIL
A stunning engulfing bullish candle shown on daily timeframe on USOIL (WTI) and therefore we should expect a bullish continuation BUT let's focus on today's rally to understand the situation:
CHINA:
Yes, China was the main catalyst for today's rally after reporting zero covid cases in the country, one of the highest consumers in the world.
AFGHANISTAN:
Possible implications in the Middle East region and its stability. On the other hand there is a bearish news on that due to the agreement between Iran (sanctioned by USA and "unable to export oil) and the Talibans to provide them with OIL (illegal).
USA:
Covid cases growing but people not willing to receive a vaccine as well. Storm and Hurricane season starting and affecting the GoM (Golf of Mexico and its production).
Jackson Hole Summit expectations are very high but everything may turn upside down.
MEXICO:
Offshore plant on fire, reducing output estimates by 440k bpd.
That's why OIL rallied today above my target of 65. At this moment I won't advise anyone to trade oil unless you know what you're doing because anything could happen at this point.
If market stabilises and the main oil price triggers are back to normal I would say that we will continue a needed correction to encourage demand.
Whatever you do, all the best. I'm just following the descending channel.
CHINA:
Yes, China was the main catalyst for today's rally after reporting zero covid cases in the country, one of the highest consumers in the world.
AFGHANISTAN:
Possible implications in the Middle East region and its stability. On the other hand there is a bearish news on that due to the agreement between Iran (sanctioned by USA and "unable to export oil) and the Talibans to provide them with OIL (illegal).
USA:
Covid cases growing but people not willing to receive a vaccine as well. Storm and Hurricane season starting and affecting the GoM (Golf of Mexico and its production).
Jackson Hole Summit expectations are very high but everything may turn upside down.
MEXICO:
Offshore plant on fire, reducing output estimates by 440k bpd.
That's why OIL rallied today above my target of 65. At this moment I won't advise anyone to trade oil unless you know what you're doing because anything could happen at this point.
If market stabilises and the main oil price triggers are back to normal I would say that we will continue a needed correction to encourage demand.
Whatever you do, all the best. I'm just following the descending channel.
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