FxSaint
Long

OIL - Its Goldman Sachs VS Me LOL ;-)

FX:USOIL   CFDs on Crude Oil (WTI)
92 1 2
I m betting on OIL             longs for time being since it is above good support block. Also with cross comparison with other markets such as currency, it is safe to believe that its going to go long. Since CAD & AUD is getting stronger in currency market, it is appropriate to trade longs in OIL             . Hey but one need to be very careful trading OIL             , since this is beast is more of fundamental than technical. Also when one is going to go long in OIL             they need to know that their opponent is GOLDMAN SACHS.
Stopouts
1] Sustained break below support zone & I m out of relationship with his beast. 2] Also if CAD fails to takeoff next week against USD & EUR than again I m out of this trade.
Targets
No target as of now but will exit in profit whenever I exit USDCAD             & EURCAD             .

Please share your thoughts too.
On Fri Sep 11 Goldman lowered its 2016 forecast for U.S. crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62, citing oversupply and concerns over China's economy.
"Goldman, Oil could plunge to $20 in doomsday scenario, Goldman says." Fear mongering. Why would you not be long here after the last year. Particularly the last 4 months.
I wouldn't be surprised if Crude kisses 58 within 2 weeks and 70 by December.
+1 Reply
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