Apparently the oil is going through some complex correction pattern. The best way I can label it as ABCDE which either have just been completed or will take another week to complete. Yesterday, after being stopped out several times I was able to jump back in at 53.2 at the bottom (though trading like this is not sustainable) and now intend to ride it to 56-56.5 level.
What bugs me a lot is unbroken synchrony with SPX. I expect SPX to go down while I see the oil price going up. There has to be some major news about oil supply disruption in a coming week otherwise I am wrong about either of two.
What bugs me a lot is unbroken synchrony with SPX. I expect SPX to go down while I see the oil price going up. There has to be some major news about oil supply disruption in a coming week otherwise I am wrong about either of two.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.