I do think the oil is bullish these days' although I think it needs some correction before it can continue it's trend line. so today it is going down, for the next week, it will be bullish.
Trade active:
I don't try to cover up when ever I do mistakes, but I didn't expect that rally from the Saudian announcment. As I said before, I am bullish for the long term, ALTHOUGH I do think it must have some correction before that up swing. that correction should get to 0.618 retracement, which means 40.80.
Good Week and great profits for everyone!!
Good Week and great profits for everyone!!
Comment:
It's obvious that oil must get to 50$~ area.
** it's the interests of all oil producing countries to make such announcements that lift the oil prices up so there will be no need for OPEC freezing.
**If the oil price remains 40$~, there will be OPEC meeting and probably then the oil prices get to 50$~.
Either way, oil must go up.
Why am I still SHORT on it? Because I do think the real price should be around 40$, and only when it comes to that price zone the oil producing countries will start the rally.
---But I don't try to fight the market, but surf on it. So today, if the price breaks the resistance of 45.22 I will close the position and suffer the losses. If it won't be able to break it, I still think we have some room to go down.