Fundamental reasons for not going Long :
1. Saudia Arabia is flooding the market with Oil - excess supply
2 Travel, tourism business actual damage still unknown - many airlines have retrenched staff
3. Is work from home going to be the new norm ?
4. Storage space insufficient
5. No strong economic catalyst to cause a rebound
From the chart, you can see it is obviously in a downtrend channel and I have little hope of a strong rebound. It might hover around 17 to 20 dollars range within the channel or worse, continue to head south and revisit the 1986 Jun low at 9.97.
Short is definitely too late and buy is a No no for me. So, I will just wait and watch. There are more exciting products and stocks out there to trade.
1. Saudia Arabia is flooding the market with Oil - excess supply
2 Travel, tourism business actual damage still unknown - many airlines have retrenched staff
3. Is work from home going to be the new norm ?
4. Storage space insufficient
5. No strong economic catalyst to cause a rebound
From the chart, you can see it is obviously in a downtrend channel and I have little hope of a strong rebound. It might hover around 17 to 20 dollars range within the channel or worse, continue to head south and revisit the 1986 Jun low at 9.97.
Short is definitely too late and buy is a No no for me. So, I will just wait and watch. There are more exciting products and stocks out there to trade.
