You are a sniper when it comes to predicting the price. Congratulations!
Tradersweekly
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Technicals are pointing to oversold conditions on daily time frame. I am awaiting end of selling pressure. But lets see what happens. Because if OPEC really hikes their production then I do not think that is exactly bullish for oil. Thanks for sharing and good luck with your trades.
VIP_Trading_Technologies
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@Tradersweekly I totally agree with you but we have to think like big fund managers and they may have some surprises yet. The bounce was amazing one more day. Will update my voew later. Cheers
VIP_Trading_Technologies
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VIP_Trading_Technologies
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@Tradersweekly OPEC+ WON'T hike, only freeze current output or even cut further. Tomorrow will be the D day for that.
Tradersweekly
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@VIP_Trading_Technologies, As far as I know they already agreed to boost production today during the meeting. It made headlines around all news channels. But to be honest I expected same as you - to freeze or decrease production as countermeasures to the U.S. recent actions. But who knows, they might backpedal later. Why D day tomorrow? Thanks for response.
VIP_Trading_Technologies
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@Tradersweekly, I thought the formal Meeting would be held tomorrow, december 3rd....That's why I said the D day. I may have misread the info. If they increased it makes less sense then the recovery unless it was priced in and leaked previously among the big fund managers. Cheers.
Tradersweekly
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@VIP_Trading_Technologies, Actually, I thought the same thing. Because I checked calendar at their homepage and I think it said last meeting was on 3rd of December. But then I checked it later and it said 2nd of December. So I do not know for sure. Thank you for your response.
VIP_Trading_Technologies
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@Tradersweekly, Well, seems that the dust settled after OPEC's decision and bulls are trying to regain control. Cheers.
VIP_Trading_Technologies
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Thanks mate! Oil is very tricky and it was a bit of luck and feelings in regards of fundamentals. Cheers