Just a quick post to share my small position my expectation that there is still more downside short-term.
Medium term I expect prices to drop steeply (similar to late last year) as oversupply and slowing growth / demand seem to be overarching themes. I expect something around the sub-$35 mark. Quite key to this is the seeming inability of OPEC cuts to materially impact global prices. Further cuts from OPEC are unlikely to solve the current oversupply situation even if their members vote to lower production to the lowest levels in 30 years. So they can decide between making less money (current cuts) and a lot less money (making additional cuts).
Good luck everyone
העסקה בוטלה באופן ידני
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Oh my weak hands...
I closed today at $56.66 for a total return of 74%. I will look to re-enter - short.
Oh I didn't mention that the blue line is my stop-loss, the red dashed line is where I entered short last night. I will add to my position on a break below the wave 3 low. The blue box is where I expect the move down to potentially stop (in the short-term - because my medium term view is for a bearish continuation).
Even if price dips to the blue box range I will have a difficult time closing the position because I expect the move down to have strong momentum due to fundamental forces. I expect price to go below $35 a barrel later this year and I really want to be well positioned to take in the full move.
Even if price dips to the blue box range I will have a difficult time closing the position because I expect the move down to have strong momentum due to fundamental forces. I expect price to go below $35 a barrel later this year and I really want to be well positioned to take in the full move.