We stayed above resistance yesterday, it is extremly important for longs to bounce from this resistance which could open door to USOIL 55/60. We could end up back in our range at the end of the day.
It will be combination of techicals and fundamentals. If API and EIA this week are positive, the bounce could be very strong.
On the other hand longs are very crowded and very bad EIA and rig count could lead to execution of SL and panic selling. Look at my post for NGAS - hope I saved you some money (saved a lot for myself)
Staying in range 50-55 till OPEC doesn't prolong cuts till end of this year on May meeting is also an option. If cuts not prolong oil will go down to lo 40 even lower after meeting.
Currently I'm only long BP , XOM and AR - all 3 I'm ready to hold and take divdends for years if the price goes down or sell with reasonable loss. AR I'm doing daytrading and swing trades.
A lot of options - BE CAREFUL THIS ARE ONLY MY CONSIDERATIONS AND I'M NOT A TRADER, trade only your ideas!!!
It will be combination of techicals and fundamentals. If API and EIA this week are positive, the bounce could be very strong.
On the other hand longs are very crowded and very bad EIA and rig count could lead to execution of SL and panic selling. Look at my post for NGAS - hope I saved you some money (saved a lot for myself)
Staying in range 50-55 till OPEC doesn't prolong cuts till end of this year on May meeting is also an option. If cuts not prolong oil will go down to lo 40 even lower after meeting.
Currently I'm only long BP , XOM and AR - all 3 I'm ready to hold and take divdends for years if the price goes down or sell with reasonable loss. AR I'm doing daytrading and swing trades.
A lot of options - BE CAREFUL THIS ARE ONLY MY CONSIDERATIONS AND I'M NOT A TRADER, trade only your ideas!!!
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