Panjang

Has Oil Bottom Out ?

Oleh dchua1969

Telah dikemas kini

It is possible that Oil has find a support at 51.79 level and is rebounding.

So there are 2 scenarios

1. It could breakout from the bearish trend line and continue to go higher OR

2. It retest the support level at 51.79 again and then rebound.

For those who had shorted from the peak at 65-66 level, it is ripe to take profits and get ready to turn long. Let's hope it won't be long to wait........

Nota

Now it is consolidating within the support zone of 50.95 and 51.79. Let's wait for it to break out of the bearish trend line or break down further.

Nota

cnbc.com/2020/02/03/oil-falls-to-a-more-than-1-year-low-below-50-on-fears-the-coronavirus-will-slow-global-growth.html

Nota

See, I had the bad experience of letting my own analysis to dictate my moves which more often than not failed and costs more money to pay. Cheap can get cheaper and this stock shows that. IF we think that the price action MUST rebound at 50 just because it was an important support and this and that reasons, then in a way we are already subconsciously believing the reversal is here.

Sorry that Mr Market disagrees with me and they do not care about my losses. By extending the bearish line further, we can see the price has yet to break out and though the price is below 50, we still DO NOT have a reason to buy! Period

Nota

cnbc.com/2020/02/05/global-stocks-and-oil-prices-rally-on-coronavirus-drug-hopes.html

Dagangan aktif

we long at 5018, SL at 4988.

Nota

our first trade was taken out as SL was hit.
We re-initiate our buy at 49.40

Nota

the 1H chart present a buy opportunity. it is currently facing some resistance at 53.31, once this is break above , it is expected to go higher. But due to the problem that China is facing now (they are the biggest buyer), this price range may go sideway for a while more. So , exercise caution and watch China latest news of coronavirus recovery as an indicator of price movement.

Nota

another chance to buy in cheaper, will you join me ?

dchua1969

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