Looks like we're heading up for now after flipping 40 , moving averages on the lTF looking good and a golden cross forming however thought i'd see how it develops..
Stayed away from Crude Oil after 2 weeks of intense scalping with the last trade short from 27 till 5
Trading Oil is like crack so decided to step away but now things are getting interesting and worth possibly shorting a long way down .
I recon 51-53 is where the fall should begin with that also being the price of most smaller oil companies to break even .
Maybe MBS and Putin wanna manipulate and bankrupt the US oil folks ...
Barrel cuts among the OPEC happening and i'd say a lot of people would have hedged there bets this time around like mexico . To me just looks too tempting not to attempt a short.
Lets see how this plays out worth 1 good long position provided the 200 day on the monthly around 52 right now doesn't break.
Shall update a LTF closer to 51 if it moves as expected..