I am already long in WTI since I do believe that oil is very cheap meanwhile. In the chart you will see a nice opportunity to enter long due to several patterns which are confluencing in the psycological relevant level of 40 USD. Keep your eye on a possible long entry on lower time frame.
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I am in agreement with your assessment. with all the external influence, oil must go up.[ rig count down, Saudi comments, Russia and OPEC hurting by lower price, and the big meeting with OPEC and non OPEC producers on Dec. 4th.].. Also, a very bad thought; the earthquakes near Cushing, Oklahoma could play as a long shot. With a few more, and the EPA may get involved.
IRLKori
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How much chance would you give that is going to re-test 40 dollar level again?