Even though there has been a build-up in crude inventory, I believe people are betting on the recovery of the economy in the coming weeks. We might find ourselves testing 40 again tonight but if the build-up remains by next week probably going to find us dropping back to 35 range again? Going to go long around the 37.7-37.9 range.
Trade closed: target reached
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But market dumped afterwards. Which I should have seen but i ignored general market sentiment.
I am pretty on board with this. My question remains: When does it return to 60-70/bar? Do you have any idea?
My first thought was "around Xmas" - then "sooner" - and now, I really just have no idea to be fully honest here, lol.
mina_elias
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@BDRTrigger33, Yeah unsure as well, but if we find a large draw in 2 weeks time I think we might find a huge jump to 55 perhaps but again people are wary of Corona wave 2.0 so that can delay that big draw we are looking for.
BDRTrigger33
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@mina_elias, Everyone seems to trust a LONG - no one can say 'how' long. So it goes I guess.
My first thought was "around Xmas" - then "sooner" - and now, I really just have no idea to be fully honest here, lol.