Ovrnight range was nearly $4. Sheesh.
CL Redux
- Thread starter schizo
- Start date
Bottom is in, no?
Although the TL breakout looks excellent, there is no completed reversal signal yet (previous swing high has not yet broken with conviction).
How likely do you think it is that a six month, 50+% decline in oil is resolved by one or two up days?
Well, you should consider the magnitude as well, no?
Brent is up around 12% in two days.
Who here bought oil at the last bottom? I'm pretty sure everyone was bearish then as well, waiting for trend line breaks and confirmation.
Up! Up! Up!
It's an impressive move in a short period of time, no question. Probably a fair amount of short covering going on. I want to see how it handles the next attempt at a sell off.