Planning to add 30-50% of my long position at 47.33$ area, i will another 30-50% of the total position at the bottom of the wedge that is around the 300MA 45.6$. My target will be around 54-58$ in 2017. Than i think this wedge may break down in the end of 2017.
If there is no significal change in the market. As it is now, US shale producers are vey active trying to use all their fields to fill the OPEC cut demand, and that is what happening, rigs and activity are incrased 35% in 2017 so fare in the most economical/cheap fields. And i think if OPEC does not increase the cuts this is the outcome. And even worst if OPEC does not extend the time of their cuts and start producing full 01.07.2017, the price will collapse even more.
If there is no significal change in the market. As it is now, US shale producers are vey active trying to use all their fields to fill the OPEC cut demand, and that is what happening, rigs and activity are incrased 35% in 2017 so fare in the most economical/cheap fields. And i think if OPEC does not increase the cuts this is the outcome. And even worst if OPEC does not extend the time of their cuts and start producing full 01.07.2017, the price will collapse even more.