Oil, my dear OIL, always unpredictable
My dear oil has been performing insanely wild in the last sessions, from a massive dump to an outrageous recovery. Very well played for the bulls to bring prices up and beyond.
As long as we do not go any higher than previous high and if we remain in the previous descending channel, I will remain as well bearish. The fall was expected but big hedge funds went way too low and too fast, hunting stop losses and wiping up plenty of retail investors accounts that drove price way too low, so a recovery to a more reasonable level was needed IMHO.
Look at the purple line (POC for this level), seems to be an important support followed by 61 bucks level.
When trading oil be always very very VERY cautious. It is the highest traded commodity and its complexity is not suitable for everyone.
Cheers.
As long as we do not go any higher than previous high and if we remain in the previous descending channel, I will remain as well bearish. The fall was expected but big hedge funds went way too low and too fast, hunting stop losses and wiping up plenty of retail investors accounts that drove price way too low, so a recovery to a more reasonable level was needed IMHO.
Look at the purple line (POC for this level), seems to be an important support followed by 61 bucks level.
When trading oil be always very very VERY cautious. It is the highest traded commodity and its complexity is not suitable for everyone.
Cheers.