2-Month Stochastic Suggests $100 Oil by End of October

31 Tem 2023

On the monthly chart, using a 2-month stochastic, I’ve highlighted situations where a monthly candle closed near 2-month lows followed by a monthly candle closing near 2-month highs within the next 2 months. These rapid swings in price have led to a minimum of 23% gains over 3 months and a maximum gain of 47%, going by past performance.
The implied price target is $100 by end of October with a maximum drawdown of 6% below this month’s close.