Oil (WTI) Short Term Outlook
Hi...welcome to "Choppy Land" where price reverts course around once an hour. :)
If someone has a spare plane ticket to leave this horrible place, let me know. My overall short term long bias from last night worked, but wow what a choppy ride. My medium to long term bias is STILL short so I kinda expect price to take another stab lower eventually.
52 to 54's a major supply zone, so no matter whether we'll head north or south eventually, expecting a choppy ride...which is kinda what we've seen this afternoon.
Having said that, my line in the sand is now 51.5. Above it long, below it short. 53's a pretty decent reversal level though, so I wouldn't be surprised if we break through the LITS sometimes tomorrow. For price is above my LITS, so I'm still more in favor of longs...even if they might be shortlived.
If someone has a spare plane ticket to leave this horrible place, let me know. My overall short term long bias from last night worked, but wow what a choppy ride. My medium to long term bias is STILL short so I kinda expect price to take another stab lower eventually.
52 to 54's a major supply zone, so no matter whether we'll head north or south eventually, expecting a choppy ride...which is kinda what we've seen this afternoon.
Having said that, my line in the sand is now 51.5. Above it long, below it short. 53's a pretty decent reversal level though, so I wouldn't be surprised if we break through the LITS sometimes tomorrow. For price is above my LITS, so I'm still more in favor of longs...even if they might be shortlived.
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