Oil market technicals and short-term bullish view (with Speaker1)

Carley Garner sees oil as bullish above $92 with a target of $107-108, but bearish long-term expecting a supply glut. She advises focusing on charts rather than headlines due to the unpredictable geopolitical environment.

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Carley Garner 7.5

Oil market technicals and short-term bullish view (with Speaker1)

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In the long run this will eventually come out of this with a supply glut and oil prices will go much lower

The market went into the weekend pricing in a thaw in the Strait of Hormuz, but instead got an Arctic blast. Asks how Carley sees oil prices.

Speaker1
Carley Garner

The market was optimistic last week but had to pull back due to no progress. Trading on headlines is impossible; best to follow charts. Line in the sand is $92: bullish above, bearish below. If above $92, target $107-108, but long-term bearish expecting a supply glut and much lower prices.

Charts are all-knowing as market participants price in information in real time. The market is choppy and headline-driven until movement in the Strait of Hormuz.
Asks Carley when it becomes a supply concern.

Speaker1
Carley Garner

We are past the point of no return on supply concerns, but high prices cure high prices through demand destruction. Optimistic the Strait of Hormuz will sort out eventually. 40-45% of lost oil is coming back via alternative routes. Short-term rough ride, but long-term optimistic.

194 countries want an open strait, only one against it. Pipelines are circumventing the strait, though it takes time.

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