NYMEX:CL1!   Light Crude Oil Futures
Crude is approaching a major support area $48-$50. We are very interested in this area. WE WILL NOT have a resting order in the area. We will watch the level first then find a shorter time frame trigger to get long for a bounce. Keep in mind we are not anticipating a major bounce. The way things are going at OPEC we expect price to stay fairly low for the next 12-24 months.
Finally someone with some sense. Everyone is trying to find a bottom for a major reversal. This will not reverse for at least a year, unless the OPEC comes out and says they'll decrease production, or something else happens on that line.
+2 Reply
Thanks adxrsi...great minds think alike. ;)
+1 Reply
aziz92 adxrsi
This. It doesn't make sense for them to drop the price so much, only to have a major reversal back to 80s.
They won't take to 80, at least not for a while. It will either chop around this are or drop a little further and then chop. We are looking 12-24 months before Crude sees a sustained rally.
Will Wong OffTheFloorTrader
Heck if gold can have a bear trend for three years, oil can certainly do too for a couple of years!
You are correct. Trade well.
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