Hi fellow traders,
As Oil prices maintained their gains this week despite the increase in U.S. production and the admission from OPEC that U.S. shale will continue to strengthen in the coming years. The surprise increase in the U.S. oil rig count on Friday did pull prices back slightly, but they remain on track for another weekly gain,but according to our technical point of view there is a retracement for USoil now, namely it is forming its 4th impulsive wave, so we did short it and pls take note of the chart below for your reference.
Trade well!
Makkaba
As Oil prices maintained their gains this week despite the increase in U.S. production and the admission from OPEC that U.S. shale will continue to strengthen in the coming years. The surprise increase in the U.S. oil rig count on Friday did pull prices back slightly, but they remain on track for another weekly gain,but according to our technical point of view there is a retracement for USoil now, namely it is forming its 4th impulsive wave, so we did short it and pls take note of the chart below for your reference.
Trade well!
Makkaba