In accordance to my previous idea, my sentiment on oil
today and for the following days is bearish
. On the weekly chart, oil
looks to have a lot of room for downside with the MACD
flat, just barely crossing over and the STOCHS signaling a reversal. I think if this pattern completes we should see $40 oil
within the next 2 weeks. This of course should be helped by bad data, which some analysts expect. For today (02/11/2016) I might exit my short if data comes out very bullish
and later re-enter. Keep in mind the elections as well, which could boost oil
if Clinton wins.