I'm sure some of you missed this move. It looks now this is the end of the world. You were not able to long oil when it bottomed or tested back the 200 MA. Some of you lost a lot of money during the last 3 years when it was going down day after day. Then you were waiting for oil to go below 20$ to go long in February. It didn't happen though.
So now when you missed the move you start a revenge short. This is the way how you reset your account.
Oil bottomed. B.O.T.T.O.M.E.D.
This low what we printed at the 200 MA is as serious as it was in February. Look how many pullbacks we had in February...
The hardest pullback was 2 red candles... Guys you can't short this market. It will rally for 5 months from now and it will break 52$ in the first daily cycle.
So you missed 6$ in this rally. What are you going to do?
1. Trying to catch a 1-2$ dollar day with you revenge short ( your chance is : 7/30=23%.) If you do that you just gamble: if you don't catch the day when it's going down you have to close your position in 24hrs because price might never go back there again in your life...
Who shorted oil in Feb-March at the A-B-C-D-E points was foredoomed to failure.
2. Or you are trying to get into this rally which will go minimum to 60$ in the next months - and forget about the first 6 $. You were not in the first 6$. It's not a big point. You can be the part of the next 15$.
So forget about shorting this vehicle. Get in the first red candle day and add at the first daily cycle low.
I will be here posting.
Coming out of an intermediate bottom is always a strong surge.
That's why you cant short it.
Oil will use every possibiity to rally even bad news....
Who was not long but stayed at the sidelines at least didn't lose money by shorting.
We will get that red day soon.
I think we saved a lot of money for you from the oil short gurus.