New update after the article of May 15, 2021.
The resistance in the € 5 area was broken right at the end of May, the price accelerated to the 5.70 area, a significant 14% surge.
After yesterday’s OPEC, in which the main crude oil producers decided to increase production, the price suffered a very small decline, due to the fact that the figure was not so surprising. Far from it.
Obviously, a retracement is expected, and a further accumulation, but with the arrival of the holiday season, the resumption of flights, the vaccinations that go on despite a Delta variant, which however does not seem to worry the market too much, continue to be bullish on oil.
Bank of America meanwhile has made a forecast that by the end of the year we will have oil at $ 100 a barrel.
We will see who is right.
Regarding the ETC I am trading, possible partial profit-taking around € 6, but the target for me remains the same: € 8.
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