It seems the run $USOIL went on during the first half of Monday's session met its resistance, as written, around the 41.5-41.65 mark. It is below that right now, and it might not even test that point today. Watch for the dip below 41. It is this trader's OPINION (IDEA) that $USOIL has strong support at the 40/barrel mark, which it has not for the last many months...the post-COVID high remains roughly 43, and until that is surpassed, all pump fakes might just be that...
IN CONCLUSION! -- There is a short here to be made, but not a substantial one in terms of oil-related positions. Weakening some positions might make sense--but with the 95% effective COVID vaccine hailed by MODERNA, things are still seeming - overall - quite bullish.
It's just that $USOIL is going to need an even bigger shove to go 45-plus as we have continually pined for.
The economy is getting stronger, but it is still on a ventilator. As it is.
-BDR
Note: See yesterday's idea RE: the resistance point mid-41.
IN CONCLUSION! -- There is a short here to be made, but not a substantial one in terms of oil-related positions. Weakening some positions might make sense--but with the 95% effective COVID vaccine hailed by MODERNA, things are still seeming - overall - quite bullish.
It's just that $USOIL is going to need an even bigger shove to go 45-plus as we have continually pined for.
The economy is getting stronger, but it is still on a ventilator. As it is.
-BDR
Note: See yesterday's idea RE: the resistance point mid-41.
