Potential Bull Flag on USOIL?
After an amazing rally shortly after Oil futures went NEGATIVE on the 20th of April 2020 (I day I will never forget), US OIL has been in a steady uptrend supported by global demand coming back online from the COVID-19 Pandemic.
As inflation increases with demand for Oil and a dramatic increase in EV sale forecast (per ARK Invest), I am looking forward to seeing battel wage on for dominance in this space.
That said, the reliance on Oil is not going to fall drastically any time soon and I do expect a return to $100 a barrel in the short to medium term. I also believe that high inflation in the short term further supports the below price target.
Therefore, I could see Oil breaking out of this Bull Flag pattern with an short term target of $93 per barrel by the end of the year.
Keen to hear your thoughts in the comments!
Boom,
TheRaggy
As inflation increases with demand for Oil and a dramatic increase in EV sale forecast (per ARK Invest), I am looking forward to seeing battel wage on for dominance in this space.
That said, the reliance on Oil is not going to fall drastically any time soon and I do expect a return to $100 a barrel in the short to medium term. I also believe that high inflation in the short term further supports the below price target.
Therefore, I could see Oil breaking out of this Bull Flag pattern with an short term target of $93 per barrel by the end of the year.
Keen to hear your thoughts in the comments!
Boom,
TheRaggy
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