[Fresh Trade Opportunities] Let's Close Out February With A Bang
February has been a solid month for us here at Big Energy Profits.
Members have had the chance to book several thousands of dollars in profits on my daily and weekly trade ideas as well as my energy sector stock and ETF recommendations.
But we're not done yet, and I'm targeting several new opportunities for the last week of February so we can close it out with a bang.
I posted a video blog to give you the rundown on this week's opportunities…
At this time last week, the charts were indicating that crude oil was due for a correction…
Then aggressive speculative buying and short-covering hit the market two Fridays ago as weather forecasts called for extremely cold temperatures across Texas.
Although prices are higher than they were last week, there are indications that the weather premium may be wiped out as conditions improve in Texas.
This is likely to occur this week as the overall energy situation starts to normalize in Texas.
We remain still bullish long-term as the vaccine rollouts improve globally and the number of COVID-19 cases drop and the demand outlook improves.
However, we still feel the market may be a little ahead of the fundamentals, especially with OPEC+ likely to reduce output cuts in April.
Therefore, we would welcome a two to three-week correction to alleviate some of the upside pressure and reduce the excessive speculative element in the market.
Trader reaction to $59.38 into the close last Friday is likely to determine the tone of the market next week.
A daily close under this level will be a bearish sign that could trigger the start of a several week correction.
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