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LastBattle LastBattle USOIL, W, Long ,
USOIL: Oil is doomed?
714 5 10
USOIL, W Long
Oil is doomed?

From a purely technical perspective I think we're incredibility close to a short term bottom now, even with a lower low in the weekly it is still printing a bullish divergence in the RSI here. Currently, geopolitical factors plus the record short relative to longs position are a huge tail risk as seen today from the US EIA oil inventories (-3568K vs +1300K ...

LastBattle LastBattle RIG, W, Long ,
RIG: Oil drillers - way overdue for a huge bounce
857 6 13
RIG, W Long
Oil drillers - way overdue for a huge bounce

This is a time where all fundamentals about the oversupply of oil, glut, and worsening global economy should be ignored. It is simply so oversold that it in the near term it will vastly outperform most other assets. There's simply a limit to how low it can get before it bottoms. No, WTI (USOIL) isn't going to $20 in the near term yet. I do see a possibility of ...

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