Morning David,
Just 3 questions:
... and if the USD remains strong ?
... and why are you long if you expect a shakeout to $31?
... do you know the net commercial open interest positions?
But I like your analysis ... the $31 hurts. ouch! but remedy in the overall bullishness
Regards
Murray
Oil and USD have an inverse relationship as you probably know. I'm looking for short term sustained strength with mid - long term weakness in the USD. USD short term strength means that Oil should drive down to 30ish but shouldnt break the lows.
Open interest has recently dipped as has volume while price has risen. That's a bearish signal but long term that big period of accumulation would lead me to think we are going higher. This combined with my USD bearishness gives a good case for longer term oil strength. Cheers, David.
Just 3 questions:
... and if the USD remains strong ?
... and why are you long if you expect a shakeout to $31?
... do you know the net commercial open interest positions?
But I like your analysis ... the $31 hurts. ouch! but remedy in the overall bullishness
Regards
Murray