We have had 7 straight sessions with red candles. We have +8 oil rigs added on today's BH report. USD strengthening. Money managers reduced their net-length in Brent crude oil futures and options by 24,528 contracts to 254,818 in the week. Short covering positions doubled... New lockdowns in New Zealand, Australia, Indonesia, Thailand.... Worsening situation in the US and some countries in EU. OPEC+ adding production to avoid a collapse in global economy and to "control" (somehow) inflation (linked to oil prices).
There are no BULLISH arguments left at the moment to stabilize prices.
If the current descending channel is respected we will hit mid 61 and bounce from there BUT who has the guts to go long?
I locked in some more profits and looking forward to an attempt to hit 57 next week. It seems unlikely after this weekly bloodbath but I won't be surprised. Let's test the support trendline and decide from there but my bearish view remains at the moment with a new target at 57ish.
Final target 51 and SWING for the uptrend.
There are no BULLISH arguments left at the moment to stabilize prices.
If the current descending channel is respected we will hit mid 61 and bounce from there BUT who has the guts to go long?
I locked in some more profits and looking forward to an attempt to hit 57 next week. It seems unlikely after this weekly bloodbath but I won't be surprised. Let's test the support trendline and decide from there but my bearish view remains at the moment with a new target at 57ish.
Final target 51 and SWING for the uptrend.