8th weekly gains, 2 months in a row
Dear Fellow Traders:
Today I would like to emphasize the fact that we have been going up for 8 consecutive weeks, 2 months, with no red candles in between.
That is very unusual and as I mentioned in another post it happened only once in history with a record of 9 candles of the same colour in a row.
Being said that and looking at the chart I see the next resistance at 82.91, only 40+ pips away from current level.
Oil fundamentals are apparently tight or at least that is what experts keep saying, but the truth is truly unknown.
Facts: oil is in huge backwardation, meaning that current month is more expensive of the following month (contract), but the funny thing of that is that there is a huge spread never seen before, so basically they are pumping to send prices up but it only affects mainly in the current month, the rest of the contracts remain much lesser manipulated and lower prices.
I believe some actions in EU and USA will take place to prevent oil skyrocketting as it is derailing the global economic recovery.
All the best
Today I would like to emphasize the fact that we have been going up for 8 consecutive weeks, 2 months, with no red candles in between.
That is very unusual and as I mentioned in another post it happened only once in history with a record of 9 candles of the same colour in a row.
Being said that and looking at the chart I see the next resistance at 82.91, only 40+ pips away from current level.
Oil fundamentals are apparently tight or at least that is what experts keep saying, but the truth is truly unknown.
Facts: oil is in huge backwardation, meaning that current month is more expensive of the following month (contract), but the funny thing of that is that there is a huge spread never seen before, so basically they are pumping to send prices up but it only affects mainly in the current month, the rest of the contracts remain much lesser manipulated and lower prices.
I believe some actions in EU and USA will take place to prevent oil skyrocketting as it is derailing the global economic recovery.
All the best
Feragatname
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