whether it is an hourly chart or a monthly chart ? Stops below $32 are HUGE
and require a lot of risk thus an account that can handle the potential draw down?
Thanks for your thoughts and Best Wishes for your new website and a new year !!!!!!
In that zone we should look for the bottom on $CL and potential reversal, IF the PA reaches that zone. How things look like at this moment, very likely to happen.
What is far more important is the reaction of Oil companies. They have cut the prices but not even close to match the drop in Oil price! They are protecting themselves against huge losses. There is no Oil drilling company that can cover the costs of Oil production at these price levels.
Any price below the $50 mark is negative balance sheet on every single Oil producer. I'm just waiting when OPEC will cut production creating an artificial demand pressure to push the prices up.