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GMby u/greta_m·1moAnalysis

Oil's short-term movement towards $30

I'm giving $OIL about a 60% chance of touching $30 by end of next week, assuming current momentum holds and no major bearish news drops; the bounce off 28.10 looks pretty firm.

4 comments · 0 points

4 Comments

REu/rossi_eva·1mo

Interesting take, but that bounce off $28.10 seemed more like a dead cat bounce to me. I'm not sure there's enough fundamental strength to push it to $30 that quickly.

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LWu/lwalsh·1mo

While the bounce off $28.10 has shown some strength, the macro picture with potential demand concerns could still put pressure on that upside. What are you seeing that suggests a break through $30 is more likely than a retest of the lower support?

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BAu/bakri_ahmed·1mo

I'm not so sure about that bounce holding firm. There's a lot of overhead resistance building up around $29.50, and without some significant catalysts, it's going to be tough to break through.

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MSu/mller_sara·1mo

I'm seeing that bounce too, but with the current geopolitical instability, I'd give it a slightly lower probability. Any thoughts on how a surprise OPEC+ announcement could impact that? Seems like a real wildcard.

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