Before the OPEC cut my original price target was 55 and I had added from 46.3 to 43.3. There were a number of huge multi billion dollar buy ins one day at close around 46.3 and the subsequent floor was around 43 so if we assume that "big money" people kept risk/profit at 3/1 (industry standard)... the final target must have been 55.
I don't know if they were able to find the liquidity to let go of all of their longs at 55 in time. It didn't seem like they could have seeing how it nose dived. It's possible that we will see another go at it with the dollar driving oil up a bit right now. This situation is represented by the red "bullish" line I've drawn. On the other hand, the cyan line is what I think will happen, 53.76 is the top of this pullback for me and I will start adding short again for a target of 49.
49 is a 50% retrace from 43.3-55.
Also, to those I used to talk to, hello! Hope all is going well.
I don't know if they were able to find the liquidity to let go of all of their longs at 55 in time. It didn't seem like they could have seeing how it nose dived. It's possible that we will see another go at it with the dollar driving oil up a bit right now. This situation is represented by the red "bullish" line I've drawn. On the other hand, the cyan line is what I think will happen, 53.76 is the top of this pullback for me and I will start adding short again for a target of 49.
49 is a 50% retrace from 43.3-55.
Also, to those I used to talk to, hello! Hope all is going well.
Comment:
Looking for a bounce off of 51 to 51.4-52 area.