Why even bother with trying to time this? Even if it bounces, it could drop. Even if it drops it could bounce. Might as well wait until it gets down back to the trendline, or down to even more ridiculous lows, or something else shows up on the chart. Better off just buying NAT or other tankers, storage, etc. which will go up either way.
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So in the 16S it was not worth trading. Admittedly did not expect it to hit that $10 line so quickly. Turned out to be a perfect buy level for a quick bounce.. right back to 16S , surprise! :p This is some wild west stuff now for sure. Those sub $11 prices definitely are enticing for quick moves, but buy and hold .. meh.
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tbh, I dont buy this breakout just yet. Ill believe it when I see either close above 28.50 , or a solid support of the retest around 19.50 ish to 21.50 ish range. Also depends on what happens in couple weeks for next futures expiration rollover. Hard to imagine a V-shaped recovery in oil here, altho anythings possible. Breaks wont lie.
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still eyeing that 20, 21 level for this week.
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Broke out. Guess it was a good buy at 16 after all. Silly me. Oil is back in all of its glory now. Commodities all running now. Gold and silver look great too.
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China economy is being exposed today. I don't believe oil keeps rallying into that. And the 4H RSI level dumped below 50. Daily RSI near the top as well. Assuming this isn't the start of a new oil bull market, which I find very hard to believe.