But it can be short squeezed anyway. With or without OPEC cut. Why? Simply because after yesterday ECB squeeze, all the major players (funds, hedgefunds, bank trading desks, props, etc) faced a huge VaR shock. Volatility also increases due to less liquid markets at year end.
Daily so far prints a huge double wicked doji . If bears can not push it below 40 on close, then squeeze may happen even without OPEC production cut, just because of year end position squareing. However we can not ebter a bullish , swing long position until we see a break and close above 41,75 on 4H time frame.
Daily so far prints a huge double wicked doji . If bears can not push it below 40 on close, then squeeze may happen even without OPEC production cut, just because of year end position squareing. However we can not ebter a bullish , swing long position until we see a break and close above 41,75 on 4H time frame.
Press conference starts in 5 minutes I think.