Oil could get down to support before moving further upside
Oil Still looks Bullish to me. But, I think it needs to get down to support before it's going further highs.
Apparently, Hedge funds have decreased their long position in OIL in recent days. It doesn't straight mean it will fall and scenario changes to bearish.
I would rather be a buyer for a longer-term target of 45$-49$ when it gets to some support which could be 41.50 or even to 40.00. Eventually, Oil will get higher sooner or later.
Happy Trading.
This is not financial advice.
We will not be liable if any losses occur.
Trading in the financial market carries risks.
Make sure to maintain proper money management to maintain the risk.
Apparently, Hedge funds have decreased their long position in OIL in recent days. It doesn't straight mean it will fall and scenario changes to bearish.
I would rather be a buyer for a longer-term target of 45$-49$ when it gets to some support which could be 41.50 or even to 40.00. Eventually, Oil will get higher sooner or later.
Happy Trading.
This is not financial advice.
We will not be liable if any losses occur.
Trading in the financial market carries risks.
Make sure to maintain proper money management to maintain the risk.