I understand some technicals are bullish right meow, although I don’t trust buyer supper after a rip like this… and here’s why.
After breaking the uptrend, all attempts to breakout and back into bullish territory we’re rejected. And market makers pushed the closing price neatly back under key levels before each candle closed.
I chose to sell 500 barrels after watching the main candle (on the hourly) touch the ceiling and pullback to close under the trend line. All within a few moments of the hourly candle closing.
I suspect this created some confusion and sucked in both buyers and sellers. Great set up all around. Got me to bite on it.
Interesting side note, news articles are yapping about all the supply chain issues and cuts… Driving the price up.
Although, few countries may be holding back a few barrels, with restrictions also helping create this “supply chain issue” to pump the market… restrictions, new regulations, new cuts, blah blah blah… bigger question is when are these, somewhat grey area reserves being introduced to the market ? And how drastically will this affect the price ?
An instantaneous flood of millions of barrels will dilute the market and fluctuate prices dramatically. The big question is when ? And at what price do they want to introduce all these barrels ?
I’m long near the 84.75
I’d like to see 92 afterwards… but who knows when the market will be diluted by these sideways ass hush hush reserves that no one’s making a big deal about. They bought them for cheap because of the war and restrictions.. and are going to sell them high and ride the diluted market back down to new lows.
And,
Rinse repeat.
Same old same old.
Anyways, quick rant over.
Patiently waiting to see how this opens,
Hopefully it doesn’t pop up on me.
Not advice. Take this with a grain of salt. Do you homework.
Cheers,
GLHFBS
After breaking the uptrend, all attempts to breakout and back into bullish territory we’re rejected. And market makers pushed the closing price neatly back under key levels before each candle closed.
I chose to sell 500 barrels after watching the main candle (on the hourly) touch the ceiling and pullback to close under the trend line. All within a few moments of the hourly candle closing.
I suspect this created some confusion and sucked in both buyers and sellers. Great set up all around. Got me to bite on it.
Interesting side note, news articles are yapping about all the supply chain issues and cuts… Driving the price up.
Although, few countries may be holding back a few barrels, with restrictions also helping create this “supply chain issue” to pump the market… restrictions, new regulations, new cuts, blah blah blah… bigger question is when are these, somewhat grey area reserves being introduced to the market ? And how drastically will this affect the price ?
An instantaneous flood of millions of barrels will dilute the market and fluctuate prices dramatically. The big question is when ? And at what price do they want to introduce all these barrels ?
I’m long near the 84.75
I’d like to see 92 afterwards… but who knows when the market will be diluted by these sideways ass hush hush reserves that no one’s making a big deal about. They bought them for cheap because of the war and restrictions.. and are going to sell them high and ride the diluted market back down to new lows.
And,
Rinse repeat.
Same old same old.
Anyways, quick rant over.
Patiently waiting to see how this opens,
Hopefully it doesn’t pop up on me.
Not advice. Take this with a grain of salt. Do you homework.
Cheers,
GLHFBS