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Brent at $70 and WTI at $68! Now, correction time...

Brent at $70 and WTI at $68! Now, correction time...

Updated

What happened

The oil site in Ras Tanurah on the east coast of Saudi Arabia produces 6% of the total global oil supply alone. That's exactly the site that was recently hit by missiles attacks - one of the several that took place in the last week. No damage was taken to the facilities and no one got hurt. However, as it's the biggest oil production site in the world, investors were really scared that the oil supply may be exposed to risk in our uncertain time.

This fear drove the price to the upside: Brent rose to $70, WTI - to $68. However, as it was purely an emotional reaction of the market, the correction quickly came to the stage. This is exactly how you may benefit from this event - use the correction. The zone of $65 may be a very possible target for bears. 

Scenario 1: high tide

The price goes down to $65, floats horizontally, and continues the larger uptrend.

Scenario 2: the middle path

The price goes to the area of $62-63 and bounces upwards.

Scenario 3: to the bottom

The price touches the tactical support of $60 to start a big recovery.

Action plan

In each scenario, you need to catch the moment of reversal.

  • Follow the correction 
  • Watch for the pick up/reversal/recovery indications
  • Buy at the beginning of recovery 

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