First of all we take a look at the 4 hour chart, showing yesterday’s reportedly strong rally off lows. Strong rally off lows? It was ONE 4 hour, counter-trend candle that flew straight into resistance!
Come on guys…
I included the here to highlight the major that price has tucked back in below, also showing the strong daily rally from a longer time frame view.
With short oil an already very crowded trade, taking a contrarian view does have its merit, but calling lows off these charts isn’t something I’m jumping out of my skin to do. Do you see opportunity buying oil?
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