Fairly obvious to most experienced traders that whether or not the fundamentals justify it or not... oil will likely test 150 before a significant decline, if any! It's "possible" but unlikely that 140 will be a 2nd and final price top. Given the powerful bull move preceding these levels I doubt we will see a V-top (although it is "possible").
I don't understand making a public "call" (and presumably trading it) on ET contrary to the minor and major trends AND THEN continuing to support that call in the face of price movement that does justify same! I mean, every good trader on ET knows oil will go down at some point, and many know or believe oil will have a substantial down move simply based upon the history of other recent bubbles and market history in general. But to make a call that oil is "bearish" and wil not exceed a certain price level, when the major trend is higher at said time, discredits the person making such a call.
p.s. no positions in oil at this time
I don't understand making a public "call" (and presumably trading it) on ET contrary to the minor and major trends AND THEN continuing to support that call in the face of price movement that does justify same! I mean, every good trader on ET knows oil will go down at some point, and many know or believe oil will have a substantial down move simply based upon the history of other recent bubbles and market history in general. But to make a call that oil is "bearish" and wil not exceed a certain price level, when the major trend is higher at said time, discredits the person making such a call.
p.s. no positions in oil at this time
