Oil Still Incredibly Strong

8 Mar 2022

Oil has blasted through our profit target of $122. It seems that we have to update our profit targets for oil on a daily basis. After it smashed $122, a wick made it as high as $130 before retracing. It then fell to $116, where a green triangle on the KRI confirmed support. Currently, we are seeing perhaps a bull wedge forming with an upper bound at $122. If we see more momentum come through, then $132 is our next target. With the West in the process of banning Russian oil imports, we have no reason to believe prices will drop, however $110 and $106 are the next levels below to provide support.