Scary times for oil, I was in favor for a turn around and thought 10$ a barrel was ludicrous but after looking at the monthly with my analysis it's looking incredibly favorable?!. When coming to the oil chart I was actually hoping to find a long opportunity lol.
Take a look at that bottom trend line...we have had a perfect bounce and break bellow. not only just breaking the trend line but the structure too. The wicks need to hit that 0.168 fib line to complete the full retracement which coincidentally lays on that 10$ region. The 78 and 61 has been tapped perfectly. Now 16-17$ is a very strong floor which is where we may see a real bull/bear scenario but a break below this level and I do see 10$.
My broker has had a serious lag with oil and is trading at $25 a barrel instead of $18...my broker is usually spot on with prices so this is very weird. I have taken full advantage of this lag and entered shorts to the $18 mark, I will move this lower to $10 and wait to see what price does at the $17 level before moving the TP back up.
Oil being driven to all times lows just to be bought back again for serious accumulation...then a huge surge...? lets see, let me know what you think.
My opinion...trade at own risk. Not financial advice
Take a look at that bottom trend line...we have had a perfect bounce and break bellow. not only just breaking the trend line but the structure too. The wicks need to hit that 0.168 fib line to complete the full retracement which coincidentally lays on that 10$ region. The 78 and 61 has been tapped perfectly. Now 16-17$ is a very strong floor which is where we may see a real bull/bear scenario but a break below this level and I do see 10$.
My broker has had a serious lag with oil and is trading at $25 a barrel instead of $18...my broker is usually spot on with prices so this is very weird. I have taken full advantage of this lag and entered shorts to the $18 mark, I will move this lower to $10 and wait to see what price does at the $17 level before moving the TP back up.
Oil being driven to all times lows just to be bought back again for serious accumulation...then a huge surge...? lets see, let me know what you think.
My opinion...trade at own risk. Not financial advice
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www.theguardian.com/...rude-oil-coronavirus