US OIL
Added 2024-06-25 11:11:18 +0000 UTCThis is why we believe Buffett has been adding $OXY aggressively lately as he anticipates an increase in the price of OIL for the next 12 months.
Price has bounce from $71 to $81 since the 4th of June, this is a large jump over 3 weeks and back above the 50 and 200 Day MA.
Next big test will be breaking out of this wedge, which has been in place since the start of 2022.
Holding above $83 would be enough.
It is unclear what will drive oil this high, escalated tensions in the Middle East and/or Russia and Ukraine conflict may be the driving forces. OPEC could also decide to reduce supply too.
Comments
Yep, it could be as simple as that......This is the only thing Buffett is buying so it backs up the thesis
Gareth Neary
2024-06-25 11:22:19 +0000 UTCI mean can’t it simply be a rotation out of stocks into other sectors by big institutions with the idea that war could possibly be a big factor in energy prices in the foreseeable future as u stated?
Noah
2024-06-25 11:16:36 +0000 UTC
