$Rex Intl (5WH.SG)$$RH PetroGas (T13.SG)$ Has oil price bott...
$Rex Intl(5WH.SG$ $RH PetroGas(T13.SG$
Has oil price bottomed?
Brent crude fell to as low as USD91.72, its lowest since Feb 16, 2022. So will it fall further in the short term? Let us look at oil stocks for clues.
Has oil price bottomed?
Brent crude fell to as low as USD91.72, its lowest since Feb 16, 2022. So will it fall further in the short term? Let us look at oil stocks for clues.
RH PetroGas' chart shows a bullish double bottom forming. The price may rise to resistance around 0.225-0.23. It would be very bullish if the downtrend line is broken.
Let us look at Rex's chart above next. It's a similar story. Again, a bullish double bottom is forming. It may rise to resistance around 0.255-0.26 and would be very bullish if the downtrend line is broken.
In conclusion, I would say oil price has bottomed at least temporarily. So it's good to buy the oil stocks for a rise to the resistance levels.
Stay tuned for more good insights and analysis!
$Seatrium(S51.SG$ $SIA(C6L.SG$ $AEM SGD(AWX.SG$ $Golden Energy(AUE.SG$ $Geo Energy Res(RE4.SG$ $SamuderaShipping(S56.SG$ $Jiutian Chemical(C8R.SG$ $Nasdaq Composite Index(.IXIC.US$ $S&P 500 Index(.SPX.US$
In conclusion, I would say oil price has bottomed at least temporarily. So it's good to buy the oil stocks for a rise to the resistance levels.
Stay tuned for more good insights and analysis!
$Seatrium(S51.SG$ $SIA(C6L.SG$ $AEM SGD(AWX.SG$ $Golden Energy(AUE.SG$ $Geo Energy Res(RE4.SG$ $SamuderaShipping(S56.SG$ $Jiutian Chemical(C8R.SG$ $Nasdaq Composite Index(.IXIC.US$ $S&P 500 Index(.SPX.US$
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Giovanni Ayala : Is this a Good look or a Bad one
Giovanni Ayala : This is when Everyone should be buying then it'll Go to a Normal Flux
bullrider_21OP Giovanni Ayala: Bullish means good.
bullrider_21OP Giovanni Ayala: The stock prices are likely to have bottomed and may rise to the resistance levels.
High Profit Low Loss bullrider_21OP: When resistance hits as you mentioned above @0.255 and above should we take profit or leave it to run?
bullrider_21OP High Profit Low Loss: If Brent crude continues to rise strongly, then let it run. Otherwise, sell.
High Profit Low Loss bullrider_21OP: Thank you so much Bullrider-21!
bullrider_21OP : yw
Giovanni Ayala bullrider_21OP:
Small bull : Brent oil is falling to 80. It's still too high because 60 is a comfortable oil price which is agreed by all parties
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