Watching For A Bounce Long In Oil
Like many people, I've been looking
for a bounce play in oil, but given the
amount of government manipulation,
I haven't been over aggressive.
We got a Friday afternoon pop of over 7%
on relatively low volume to retest $48 resistance.
This was probably a short squeeze after a full
10 trading days of lower highs. In other words,
a lot of people covered their shorts once the
selling pressure slowed around $46 support.
Monday will be the real test to see if this is going
to be the start of a significant rebound or just another
failed bounce for lower oil prices.
for a bounce play in oil, but given the
amount of government manipulation,
I haven't been over aggressive.
We got a Friday afternoon pop of over 7%
on relatively low volume to retest $48 resistance.
This was probably a short squeeze after a full
10 trading days of lower highs. In other words,
a lot of people covered their shorts once the
selling pressure slowed around $46 support.
Monday will be the real test to see if this is going
to be the start of a significant rebound or just another
failed bounce for lower oil prices.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.