It seems fanciful that oil produciton would be cut by the major producers when they need this revenue to obtain USD and support their government budgets.
This recent surge is based on hope. There is a major glut of oil supply and sunk costs which compel the producers to keep on producing. Macrovoices is a great podcast to learn more about the Oil market.
Trade active - Sell 27.24, Stop 28.11.
This recent surge is based on hope. There is a major glut of oil supply and sunk costs which compel the producers to keep on producing. Macrovoices is a great podcast to learn more about the Oil market.
Trade active - Sell 27.24, Stop 28.11.
Comment:
Big move immediately. Take half off now if you want to lock in profits. I think I will move stop loss down to the top of the 4 hr red candle which is 26.29. I prefer to let this run, as oil could easily go sub $20.