🛢️ Crude Oil Hits $93 - 💰 Why 88$ is ok for Saudi Arabia 🌴
Hey Traders, Professor here! 🤟 You might recall my bullish call on oil at $70, based on fundamentals and geopolitical moves. Fast forward, and here we are at $93 a barrel. But is this the ceiling, or is there more room to grow? Let's dissect. 🛢️🔍
The Resistance at $93: More Than Just a Number 🛑
Oil has rocketed to $93, and I'm seeing this as a strong resistance point. It's not just a psychological barrier; it's also a key level when you look at Fibonacci retracements and historical price action. Could this be the turning point for a retracement? 🤔 My Oil Long at $70 Post:
Inflation's Role: The Double-Edged Sword 📈
While rising oil prices have been great for traders and certain economies, they also fuel inflation. And let's be clear: Inflation is a beast that the U.S. and Europe can't afford to ignore. High oil prices are now a geopolitical concern, and there will be pressure to tame them, especially as they contribute to rising inflation. 🌍 Inflation and Oil post Post
Saudi Arabia's Profit Game: Low Costs, High Margins 😁
Here's where it gets interesting. Saudi Arabia and Kuwait enjoy production costs as low as $5.40 per barrel. Even at the higher end, it's just around $10. So, whether oil is at $88 or $93, they're raking in massive profits. This low-cost advantage gives them a competitive edge, especially when other countries are grappling with significantly higher production costs. 🇸🇦💰
The High Dollar's Role 🇺🇸
The dollar has been on a tear lately, and it's worth noting its impact on oil prices. A strong dollar usually puts downward pressure on commodities priced in USD, like oil. This could be another factor contributing to potential resistance at $93. The US Dollar & The Wolverine:
What's Next? The Road Ahead 🤷♂️
Keep a close eye on potential retracement levels. Fibonacci and moving averages could be your guide here. 88$ to 93$ range is what i would most likely expect📉
Geopolitical events are always wild cards. Any tensions or agreements could send oil prices soaring or plummeting. 🌍
Don't lose sight of Bitcoin. It remains my go-to asset for hedging against inflation and market volatility. 🚀
Trade wisely, folks. My charts are always here if you need a second opinion. 📊
(ps if the price breaks over 95$ we might need to run for the great reset hills!)
One Love,
The FXPROFESSOR 💙
The Resistance at $93: More Than Just a Number 🛑
Oil has rocketed to $93, and I'm seeing this as a strong resistance point. It's not just a psychological barrier; it's also a key level when you look at Fibonacci retracements and historical price action. Could this be the turning point for a retracement? 🤔 My Oil Long at $70 Post:
Inflation's Role: The Double-Edged Sword 📈
While rising oil prices have been great for traders and certain economies, they also fuel inflation. And let's be clear: Inflation is a beast that the U.S. and Europe can't afford to ignore. High oil prices are now a geopolitical concern, and there will be pressure to tame them, especially as they contribute to rising inflation. 🌍 Inflation and Oil post Post
Saudi Arabia's Profit Game: Low Costs, High Margins 😁
Here's where it gets interesting. Saudi Arabia and Kuwait enjoy production costs as low as $5.40 per barrel. Even at the higher end, it's just around $10. So, whether oil is at $88 or $93, they're raking in massive profits. This low-cost advantage gives them a competitive edge, especially when other countries are grappling with significantly higher production costs. 🇸🇦💰
The High Dollar's Role 🇺🇸
The dollar has been on a tear lately, and it's worth noting its impact on oil prices. A strong dollar usually puts downward pressure on commodities priced in USD, like oil. This could be another factor contributing to potential resistance at $93. The US Dollar & The Wolverine:
What's Next? The Road Ahead 🤷♂️
Keep a close eye on potential retracement levels. Fibonacci and moving averages could be your guide here. 88$ to 93$ range is what i would most likely expect📉
Geopolitical events are always wild cards. Any tensions or agreements could send oil prices soaring or plummeting. 🌍
Don't lose sight of Bitcoin. It remains my go-to asset for hedging against inflation and market volatility. 🚀
Trade wisely, folks. My charts are always here if you need a second opinion. 📊
(ps if the price breaks over 95$ we might need to run for the great reset hills!)
One Love,
The FXPROFESSOR 💙
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🌟 CRGPT Token: Join the Crypto AI Revolution cryptogpt.io/
🌐 Public Telegram: t.me/fxprofessor88
🌟 CRGPT Token: Join the Crypto AI Revolution cryptogpt.io/
🌐 Public Telegram: t.me/fxprofessor88
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.