The recent push up by traders despite extremely bearish rig numbers has taken USOIL to the top of the weekly channel. The candles are still in the Ichimoku cloud and the weekly trend is still down. The formation suggests that this is an optimum time to short oil.
The announcement of the Baker Hughes rig count took the price down by 70 cents almost immediately. This suggests that the market is fully aware of the extremely bearish nature of the fundamentals. Bulls seem to be pushing the oil boat against a tide of bad news. This is a great way to waste resources. Bears will be ready next week.
The announcement of the Baker Hughes rig count took the price down by 70 cents almost immediately. This suggests that the market is fully aware of the extremely bearish nature of the fundamentals. Bulls seem to be pushing the oil boat against a tide of bad news. This is a great way to waste resources. Bears will be ready next week.