Bottoms do not look like this. In the immediate future there are three possibilities for oil
, either up, down or sideways. Isn't this insightful? But, on the longer term, more than a couple of weeks, I see oil
going either down or sideways, in no case up. A bottom occurs when you see sideways action, false breakouts, divergences, V-bottoms are very rare and I doubt that this is a real V-bottom. Besides this, most traders are not short on this commodity, as shown by a traders report from Nymex if I recall correctly.