vlad.adrian
Short

OIL - Not a bottom yet

FX:USOIL   Crude Oil (WTI)
691 5 15
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.
Great setup ..
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Welcome back, Vlad
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the USO and Crude Oil future are supposedly pretty related.
USO has broken down hard and yet crude oil has not tested the major support
which makes me very suspicious about the recent recovery
+1 Reply
Great charts and commentary...lets just get the refinery strike out of the way...and then follow the arrows
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Great insight ;) Lets see what happens at 49 bucks.
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