USOil | New perspective for the week | Follow-up detail
We have been on a profit spree since taking advantage of the breakout of the most anticipated key level at the $86.00 zone.
On Friday, we witnessed a 5% rally in the price of oil , and this is not unconnected to China’s decision to ease the COVID-Zero policy and the market overreacted accordingly. Remember, China is the largest importer of Oil hence the ability to drive . From a technical standpoint, as the price edges towards the $93.50 level, I am of the opinion that we wait and see how the price reacts to this level before either making a decision of adding to the existing buy position or hedh=ging out of the position.
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