Update on oil investment.
For this type of medium-long term speculation, I prefer to use an ETC, in this case, listed on the Milan stock exchange, but obviously, there are several similar ones listed in Europe or in the USA.
Already on the Facebook page, I had announced my entry around November 2020, after a period of laterality that had created an accumulation of volumes in the 3.40 area.
The bullish phase continued its rapid run until the end of February where it met strong resistance in the € 5 area.
Recently the level was retested creating a double top, but on Friday the support trendline held, with a positive day.
Analysts all agree to say that the price of oil is currently high, but if we consider that in many areas of the world there are still numerous restrictions, due to the covid, in my opinion, there is still room after a possible breakdown of the resistance.
If my idea is wrong to close in profit, for someone with a good entry-level, like me, if the price closes below the support trendline, it might be a good idea.
For those who have a longer-term view, remembering that the pre-pandemic level of 8€ is still far away, also considering the low volatility of the ETC, a fundamental level for an accumulation in the event of a reversal is in the 4.38 area.
In my opinion, in full recovery, the ETC is targeting € 8 where I will surely take home the profits I have accrued.
As always, I attach the position with the relative PnL accrued so far.
For those who read me on Trading View, you can check this data on my blog: http://saveandinvest.eu/
DISCLAIMER: I am not a financial advisor nor a CPA . These posts, videos, and any other contents are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.