For your knowledge. I just did my weekly chart evaluation for my subscribers and here is what I said (that I saw on the charts) is likely to happen:
OIL made a new 17-month intraweek and weekly closing high and closed near the high of the week, suggesting further upside above last week’s high at 92.61 will be seen this week. Oil rallied 38% in price (due to the war with Iran and its effects on Oil), and this is a signal that at the very least the downtrend is totally over. Given the war itself will have negatives on the supply and demand scenario and cause Oil to automatically rise in price, it could mean a new short-to-midterm uptrend has begun. Oil closed at a pivotal weekly close resistance at 90.79 (closed at 90.90) that if broken would have open air above to the $115 level. On an intraweek basis, a break above 95.03 would open the door for an intraweek rally to 115.68. The reality is that nothing positive (bringing down prices) in the war is likely to happen this week, meaning that the probabilities do favor that scenario occurring and possibly this week. Any confirmed daily close above 92.64 would make that scenario possible/probable. As far as the downside (and negation of this rally) is concerned, the 85.66 level (on a daily closing basis) has some short-term meaning, given that it would negate both of the indicative breaks of resistance seen this week. Probabilities presently favor the bulls on a strong basis, with the end of the war needed for the bulls to lose this momentum.
Many economists are saying Oil will get to the $120-$140 level and if that happens, you are looking at $5 gasoline prices.
Enjoy criticizing Biden and Obama, as if that will prevent you from having to dish out money for gasoline NOW..................due to Trump's actions