The downtrend is still intact until the upper trend line has been broken.
Rapid pace oversold conditions have now resolved and reached 2014 upper trendline resistance.
U.S. Interest rates, although moderate, will most likely come to fruition this year. OPEC will continue to flood the market for market share.
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hatimtai
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Cool, any update?
smitheric1970
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smitheric1970
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49 was a great place to short. I do not believe prices will go higher than 50.3 if they do rise again. I believe prices will either break below 43.4 and then continue down to new lows or... It's possible that prices will retrace to 49-50 after the 17th (Fed interest rate announcement) at which point I would short 49 again. So... I will either short at 49 or 43.4. It is very difficult to determine how prices will act short term but long term, I still believe we will reach mid 20's.
coolingla
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I never short and I am the biggest oil bull out there but I like short argument with clear logic behind it.
Still, fundamentals don't support mid 20's price range.
smitheric1970
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Stopped out at 61.75 and back in the trade at 61.00 again. Moving my Sell Stop to 61.95. 61.85 is very strong resistance now. If 61.85 is broken, likely bull move will ensue.
smitheric1970
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My apologies for accidentally posting with anchored text...