WTI Bulls crashed important High but first we have to close the next weekly PG
WTI the first target was reached
The oil from the USA is the last two weeks consolidating and today a first target was reached. The 57.26$ mark was the first target on the downside.
Buyers dominate the picture today but will they be able to hold the gains? Perhaps we also see an ABC correction and finally buy again downward. The open trigger of the second PG on a weekly basis is still open.
On the weekly chart, the supports and resistances are interesting now. An intermediate high has now been broken on the upside. The bulls could now take their chance and run to the next highs. The last lows now serve as support, because hedges will now lie here. Oil is bullish again but there may be minor setbacks again.
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https://twitter.com/TraderOut/status/1374786482867740675
I think the demand for oil will increase this summer. While I know many think long term electric will take over the automotive and trucking worlds, I think it will take along time to get the vehicles and infrastructure to recharge in place. I can't see a major shift happening for a least 5-10 years.
I know we are planning 3000 mile road trip as soon as school is out, and from what I have seen from the hotel bookings - it appears many others are doing the same.
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I guess it's similar to what we do in the automotive industry. Our car manufacturers do business with cars that sell well. But when the sales markets collapse, because the Chinese want it that way, then change takes place.
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