So I didn't sell any of my $54 oil shorts today when it rebounded, I just moved my stop to break-even.
Today we saw a major miss in inventories, which was initially bearish, but was somehow bullish?
I'm still short because of the numerous reports that essentially the OPEC "cut" is garbage, and on top of that oil inventories are growing, while demand remains stalled.
There's still a bear divergence in the RSI, but we must carefully watch the $52 transition area (in blue), as a strong break above could signal a higher high.
Today we saw a major miss in inventories, which was initially bearish, but was somehow bullish?
I'm still short because of the numerous reports that essentially the OPEC "cut" is garbage, and on top of that oil inventories are growing, while demand remains stalled.
There's still a bear divergence in the RSI, but we must carefully watch the $52 transition area (in blue), as a strong break above could signal a higher high.
I don't see a reason why this should go up, but clearly I could be wrong.