20200402 Long oil for short term for positive news on oil cuts
Trump twitted that he had talked with both Saudi Arabia and Russia, and they agreed to cut production 10 million barrels per day. The oil price surged on the news. However, think that the news would only provide support for oil price and confirmed that 20 might be the bottom. Since potential jobless is still ahead and demand remains weak, it might take a longer time for the downward trend to reverse.
Would set a short term take profit level at 27.5, which is the 20 days EMA resist.
Would set a short term take profit level at 27.5, which is the 20 days EMA resist.
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