What is Oil Up to?
Well Oil is in a sideways pattern and is looking to move up a bit. It requires some patience and good entry points to avoid the volatility and the stop hunting. The volume and order execution has been fairly high the past two days since the New Year began and we should see some nice moves in oil soon. I suspect that a lot of the larger players are entering into their quarterly positions which is what is causing the market to behave erratically at the moment.I am looking to rebuy around the 35.18 area as you can see on the chart or the 34.80 area. Somewhere in this zone. So you can wait or build into it from this area with small positions.
See the chart.
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