Hello traders. This weekend, YEMENI REBELS have taken credit for a MAJOR DRONE STRIKE on Saudi Oil production, affecting their total output by HALF and therefore decreasing global supply by 2.5%. Shortly thereafter, American officials turned to IRAN to place blame. The American government has been pining for this conflict for a very long time. With any luck, whatever your political leaning might be, President Trump will see through this facade and keep the brave American military OUT of such a conflict. There is no excuse for the exchange of human life for profit!!!!
All this to say, BAD FOR EARTH, GOOD FOR OIL SPECULATION.
The technicals on Brent Crude, though somewhat 50/50 in my eyes, show CLEARLY that oil indeed has room to run here. This Black Swan event could be the perfect catalyst to cause a major spike in price.
There isn't much more to say. I will be taking a market trade here with a relatively tight stop. This will be a low Risk high Reward trade.
Good luck everyone.
Most importantly, stay safe my friends.
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Gee who could have seen that coming =)
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Let's see how this develops into the week. Whatever happens, we want to be out of this trade as quickly as possible. I don't know what might happen when institutions react to the spike in price, or how this situation will evolve in the middle East. Major volatility should be expected.
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I've seen enough. Closing this now. incoming manipulation in 3...2...