Oil prices are climbing, benefiting the energy and energy exploration sectors. I published the breakout of this opportunity with
COP
in mid July. It's price history has respected these measured movements and the initial target was reached today. It's possible that we extend to $133, and potentially even set new highs in the upper section of the channel in the $140's. Note that $144 would be the 1.618 extension from the January - March retrace.
That being said, I took profit now and will manage the remaining position by actively edging up a stop loss. While oil supply is tight, it's an OPEC decision and can reverse without much notice. Additionally, we can see that oil just hit its VWAP from the 2022 high, which is likely to initially act as resistance.
COP
in mid July. It's price history has respected these measured movements and the initial target was reached today. It's possible that we extend to $133, and potentially even set new highs in the upper section of the channel in the $140's. Note that $144 would be the 1.618 extension from the January - March retrace.
That being said, I took profit now and will manage the remaining position by actively edging up a stop loss. While oil supply is tight, it's an OPEC decision and can reverse without much notice. Additionally, we can see that oil just hit its VWAP from the 2022 high, which is likely to initially act as resistance.