We saw an acceleration of buying above $47.00. It's safe to say a lot of shorts got shaken out of the market. Now we watch. We look for consolidation or a pullback to the $42 area. Will OPEC follow through with it's comments or will a rate hike send crude back down to the lows? It will be a tug of war and we are placing our bets on OPEC. We are seeking to get long on pullbacks BUT, with a tight leash.
Great call, solid chart. Maybe we will get to 42-43 area, never thought all this could happen in 3 days. #Historic
OffTheFloorTrader
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Thanks...yes, it was quite the bounce. This bounce shook some people out. We are watching the 42-43 area...we will see if we get triggers if we get to that area.
Killy_Mel
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looks like it will trade rangebounf for now (47.5-55.5)
OffTheFloorTrader
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Could get choppy.
AMBRISH
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AUGUST MONTH GREEN HAMMER. IT IS POSITIVE NOW , WAITING FOR PULL BACK TO GO LONG.
OffTheFloorTrader
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Nice catch...look at the resitance on the monthly chart. The 50 area is pretty clear. Thanks for sharing.