Yes that's true... I entered long at 29.30-30.00 on the 22.02...
And noone believed me that time that we going to run to the 200 EMA...
Now a very few people are believing that we are turning next week in oil and making a higher high in the next 1-1.5 months.
Guys POWERS are not in the situation to let a financial crisis - and maybe a war - on declining oil prices.
Whatever Saudis are lying oil not going to go below 33$ again...
It's the election year in the USA. They just simply don't let the market to fall this year. ANd for a real strong rally they need a flying oil price.
With these few days decline sentiment is bearish again.
So the next leg can start up anytime.
Memorize this moment tbuckle. In these new markets this is the moment when you have to pull the trigger and go against your emotions.
This is the moment when you feel you have to get rid of every oil position because it will go down and make a lower low.
But it will not.
The train will start to go up again and will leave all the bears and skeptisches at the station.
Sentiment, cycles, timing shows that it's turningwhen the 6 day RSI is leaving overbought levels.