Hey mate, I'm not really an expert but just by looking simple raw price action, I see no reason not be long on oil. Keep in mind that I am talking about a long term type trade, like more than 2 to 3 years. I am continuing to add to my oil long positions on any type of retracements that we get. Seeing the market fail to close below the monthly long term respected trend line, is a huge clue to a high probability move to the upside. The buyers are definitely present and they are quiet strong as well.
Hey mate, just keeping on buying all the retracements, it will pay off in the long run (like 2 - 3 years). I'm long on oil for very long term, currently it is testing 50 ma on daily and we might see a deep retracement before going higher than $50 level. I won't be surprised to see oil back above $100 level in the coming years. All the BEST :)
Yes, right now it seems oil has bottomed. This one didnt work but luckily im short on USDCAD and GBPCAD. We can never be so sure because according to EW there is a possibility on more leg down on oil, so we must be always keep our minds opened to alternate scenarios.