After breaking out of the channel it had formed yesterday, it looks like oil held steady overnight with only a slight break in the Asian session. It is now quickly moving down towards the yellow trend line that had been formed. While I still have a bearish outlook for oil and feel this might have been a fakeout the whole time, I see a more than justified play of buying oil in the 99.5-100$ range which it looks like its in right now. But that being said I think there is a good bit of risk either way right now as we are in the middle of its range and I would hold tight until we get closer to the bottom (@96) or the top (@102) to make a play.
No comments:
Post a Comment