To The Moon

Here are some recent developments related to oil prices:

Oil extended gains as another attack on a ship in the Red Sea added to heightened geopolitical tensions in the Middle East ahead of an OPEC+ meeting. Oil has climbed this year due to tensions across the Middle East and output cuts by the Organization of the Petroleum Exporting Countries and its allies. OPEC+ is expected to roll over its production curbs into the second half of 2024.

Oil prices rose on expectations that major producers will maintain production cuts at a meeting scheduled for Sunday. This comes as fuel consumption is expected to increase. 

Oil prices rose by more than US$1 a barrel on the expectation that OPEC+ will maintain crude supply curbs at its June 2 meeting. A weaker US dollar also made the commodity more attractive to holders of other currencies. 

cyclicals are prices that go up upon demand and come down upon low season. when the general market is overbought, it is good to load up some cyclicals when prices are low. 

$Brent Last Day Financial - main 2407(BZmain)$ pnf showed it bounced off the support blue line. there is no confirmation of uptrend yet. $WTI Crude Oil - main 2406(CLmain)$  haven't bounced off the support line but turned up. it has not shown confirmation of uptrend too. 

$Petroleo Brasileiro SA Petrobras(PBR)$ is beaten down because of government interference resulting in change of ceo, dividend distribution and company direction. it is trading at a discount compared to other oil producers. it is now at support zone, if oil continues to rally, it can reach 17 to continue to challenge the resistance zone to make a new high.

do apply automatic investment system where you add shares at each 10% drop or at support zones if you know technical analysis. this way you conserve your capital while the stock is strongly downtrending. do take profit at 10% intervals or at resistance zones if you know technical analysis. this way you have capital to buy the dip. only applies to stocks in an index or warren buffett would approve. bon courage.

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