Clearly OPEC's plan is totally working out for them :D
Long story short, oil fell off a cliff last week and bullish momentum seems nonexistent. I will be short below 48.60.
Potential long entry if price breaks through 49.75 (and 50 for confirmation ofc) to the upside and STAYS THERE. I might also attempt a long entry if price somehow ends up bouncing off 48.60 to the upside. I will try a short trade should price get to 49.75-50.00 and bounce off to the downside. Price closed below 48.60...so yeah, this doesn't look bullish whatsoever.
Now despite this bearish bias, I would like to see a bit of a pullback up after such a major move before hopping on the bear train again. Retesting 50 from below and getting rejected there would do the trick.
For now, I can't find a technical reason to go long here...bullish momentum is totally absent.
Long story short, oil fell off a cliff last week and bullish momentum seems nonexistent. I will be short below 48.60.
Potential long entry if price breaks through 49.75 (and 50 for confirmation ofc) to the upside and STAYS THERE. I might also attempt a long entry if price somehow ends up bouncing off 48.60 to the upside. I will try a short trade should price get to 49.75-50.00 and bounce off to the downside. Price closed below 48.60...so yeah, this doesn't look bullish whatsoever.
Now despite this bearish bias, I would like to see a bit of a pullback up after such a major move before hopping on the bear train again. Retesting 50 from below and getting rejected there would do the trick.
For now, I can't find a technical reason to go long here...bullish momentum is totally absent.
