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UnknownUnicorn620061

Oil weekly/daily, short term buy, long term sell (in comments)

Long
Light Crude Oil Futures (NYMEX:CL1!)  
UnknownUnicorn620061 Updated   
NYMEX:CL1!   Light Crude Oil Futures
Oil Commodities Energy Commodities dollar opec shale USD US USA
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oil commodities energy dollar opec shale usd us usa
After US positive data, China possibly lowering demand and inventories with an Oil flood, the 50-55 range was broken, though these prices under 50 do not really benefit shale producers or OPEC (and therefore could not be 100% sustainable if demand doesn't decrease further), we could have a longer dip to $46 (watch weekly chart I will share) and then maybe a recovery. Fundamentals are as volatile as the market so hardly any prediction can be too exact right now.
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So, all else being equal, in the weekly it also looks like we could have further downside to $46 meeting other technical points that are becoming attractive.

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A change to normal scale (suggested by an user in the chat) could support even more the short term bullish case to around the 51.6 resistance
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First movement accomplished

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UnknownUnicorn620061
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