Time to Sell USOIL at 69.
Reasons:
1. Fundamentals: New covid variants will drive down demand
2. US enters Hurricane season - drives down demand by cars, but demand by boats and electricity production (generators, etc) will go up.
3. Shutdown in production in offshore facilities will increase volatility.
4. OPEC+ has assured increased production. High Oil prices drive consumers away from Oil faster, not in the interest of OPEC+
5. Oil price has reached a daily resistance.
Oil is overbought in the Hourly time frame.
Reasons:
1. Fundamentals: New covid variants will drive down demand
2. US enters Hurricane season - drives down demand by cars, but demand by boats and electricity production (generators, etc) will go up.
3. Shutdown in production in offshore facilities will increase volatility.
4. OPEC+ has assured increased production. High Oil prices drive consumers away from Oil faster, not in the interest of OPEC+
5. Oil price has reached a daily resistance.
Oil is overbought in the Hourly time frame.
