Despite the inventory data oil couldn't even tag the 20 EMA last week.
Moreover it was closing above the 10 EMA again. That means to me that oil is so strong that it might not test back the breakout level at 34.26... It seems to me that last week we just had a pullback again and the rally will continue.
I'm quite sure that this week we will attack again the 200 EMA and price finally will break through it.
If we break through the 200 EMA , the 200 EMA will turn up and we can make the official call that the oil bear is over.
Things are happening in the markets are exactly what warned you a few weeks ago :
OIL, stocks, indexes are going higher and higher because all the central banks are printing money and this money is going into the commodity sector and int the stocks market. So these markets are not suitable for short yet. Don't be one of the top callers' victims.
These markets are not going to go down for a while....
I will monitorize oil in the following weeks. There is a high chance that we won't get a daily cycle low ( a decent correction) for weeks or months. We might go up to 60$ with similar pullbacks we had last week Thursday - Friday....
I will also post an oil / energy portfolio which I will update daily.
Moreover it was closing above the 10 EMA again. That means to me that oil is so strong that it might not test back the breakout level at 34.26... It seems to me that last week we just had a pullback again and the rally will continue.
I'm quite sure that this week we will attack again the 200 EMA and price finally will break through it.
If we break through the 200 EMA , the 200 EMA will turn up and we can make the official call that the oil bear is over.
Things are happening in the markets are exactly what warned you a few weeks ago :
OIL, stocks, indexes are going higher and higher because all the central banks are printing money and this money is going into the commodity sector and int the stocks market. So these markets are not suitable for short yet. Don't be one of the top callers' victims.
These markets are not going to go down for a while....
I will monitorize oil in the following weeks. There is a high chance that we won't get a daily cycle low ( a decent correction) for weeks or months. We might go up to 60$ with similar pullbacks we had last week Thursday - Friday....
I will also post an oil / energy portfolio which I will update daily.