Oil: Might have bottomed here, next week the downtrend expires

As discussed in the KHL chatroom, it is likely that oil has bottomed here, considering the sentiment extreme and the situation in Saudi Arabia, with Mohammed Bin Salman appointed as the next in line for the throne, replacing his uncle: www.bloomberg.com/ne...rown-prince-j46gx3nq
This is an interesting signal in its own right, maybe signaling a bottom, which Tim West pointed out as logical. Sentiment is very negative, with analysts claiming oil is basically a 'worthless commodity'...do your own due diligence.

Good luck!

Ivan Labrie.

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Excellent action here:

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Looks good.

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Excellent so far...but, $USOIL has 2 more days to hit 47.80 or it might slow down, and maybe retrace for a while

Resistance at 47.41-47.54

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Retraced, we can reenter/add back to it here:

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www.zerohedge.com/ne...s-full-bearish-lette $USOIL chart

This mihgt be a bottom here...

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It was a bottom there...I cut my long in half after adding on the recent lows a day ago. The trendline break brough in technical buyers, but if we don't hit 47+- today, there's a chance to go back to support at 45.30. The market probably won't breakout sharply before July 24th. -OPEC/Non-OPEC meeting date-

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The rally continues:

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This idea has so few likes...shame on my followers haha.

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jk

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seriously...

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$USOIL very close to target #1, considering sentiment, I am cautious here, we could short it against our equity holdings if needed