You can see from the chart that USOIL has two bottom - one in Mar 1986 at 9.743 and another in Nov 1998 at 10.66.
So, that is most likely the worst we can expect for oil to go down to unless it breaks this 2 level.
Read latest article on the plunge this morning
If you had not longed yet, just wait for the price action to stabilise else there is a chance of it revisiting those two support levels. Personally, I won't short either as the risk/reward ratio is not fantastic and it can rebound much earlier than expected , so I do not need this kind of surprises from the Market.
So, that is most likely the worst we can expect for oil to go down to unless it breaks this 2 level.
Read latest article on the plunge this morning
If you had not longed yet, just wait for the price action to stabilise else there is a chance of it revisiting those two support levels. Personally, I won't short either as the risk/reward ratio is not fantastic and it can rebound much earlier than expected , so I do not need this kind of surprises from the Market.
Comment:
Never before, totally unprecedented. It reaches 0.01, oh my God! I can't explain. Why ? What it's happening to OECD ?
Congrats if you have shorted it !!!!