I didn't think oil would go bull again, but Friday was strong. I think it rocks up to $50-52 area again and caps off it's top. I see it quickly retreating back to the $42 area.
Oil based stocks may push to new lows. I could see a few oil based companies getting kicked off the exchange.
Good trade ideas can go differently than forecasted and it's your job to know what to do next. This idea isn't investment advise and you need to manage your own trades.
Oil based stocks may push to new lows. I could see a few oil based companies getting kicked off the exchange.
Good trade ideas can go differently than forecasted and it's your job to know what to do next. This idea isn't investment advise and you need to manage your own trades.
Trade active:
I wouldn't carry an oil bull past $50 and would look to go short after $50. This oil rally may only last one more day. Friday was very quick and strong and Monday may mirror.
Comment:
Not seeing bull in oil and this looks more like a corrective move. I thinking oil sinks lower soon.
Trade active:
oil in a triangle. I'd wait for a break on the daily chart.
Trade active:
Think we hit $44 on Tuesday then bounce.