Do not open new shorts at $31. Oil is in a reliable down channel and at $31 is sitting on support. Last best short was at resistance at $38. Now the likelihood is for a counter move unless all hell breaks loose for some geopolitical reason and it plunges. Does oil make the same up/down pattern as it has seven times so far since $50? I don't know, but such movement would take it to $26-ish in Feb. Or it gets up through the resistance and that then becomes support? Time will tell .. But don't open new shorts at $31.
S&P 500 poised for a bounce and oil won't go down this time if the stock market is bouncing.
S&P 500 poised for a bounce and oil won't go down this time if the stock market is bouncing.