Well, it looks like bulls are trying to consolidate the gain terrain above 80 but International pressure to send oil prices down seems to be growing very hard and it may end up with this price manipulation.
Anything above 80, in my very humble opinion, it is unsustainable and short lived due to growing pains in the global recovery.
Only for that reason I am focusing more on the fundamentals rather than technicals, even though we are currently in a clear overbought area and signaling a correction.
If you look at the MACD you will see plenty of divergences so at the moment the price has been going up because big hedge funds are pumping money non stop and squeezing shorts.
Before you even notice they will decide to dump longs and you will end up caught in long positions because they are telling you that oil will hit 100 and above. Having a clear mindset of their game make sure you are not ending up with positions off the usual trading range.
All the best and if you do short, make sure you have a proper risk management strategy behind it.
Calm before the storm, big movement coming this week. You've been WARNED! :)
Cheers mates.
Anything above 80, in my very humble opinion, it is unsustainable and short lived due to growing pains in the global recovery.
Only for that reason I am focusing more on the fundamentals rather than technicals, even though we are currently in a clear overbought area and signaling a correction.
If you look at the MACD you will see plenty of divergences so at the moment the price has been going up because big hedge funds are pumping money non stop and squeezing shorts.
Before you even notice they will decide to dump longs and you will end up caught in long positions because they are telling you that oil will hit 100 and above. Having a clear mindset of their game make sure you are not ending up with positions off the usual trading range.
All the best and if you do short, make sure you have a proper risk management strategy behind it.
Calm before the storm, big movement coming this week. You've been WARNED! :)
Cheers mates.