Oil Update....
Well once again with money on the line I nailed the market turning point. It is not really that hard as this is nothing more than seasonal swings coupled to some short squeezing going on. I suspect that oil is going to move higher from here although there may be a stall in the 51.00 area. The mid volume pivot area for WTI is around the 48.33 area so we are a little bit above the mid pivot zone.
You see like I mentioned people look at volume as the be all end all but they look at it daily. That is a mistake. It is not the daily fellows that control prices. It is the big banks who actually control the prices and it takes time to set the stage where they can make money. Not a day or two but rather weeks or months.
Oil like any commodity is a guesstimate of where price may be headed. If Warren Buffet can get it wrong then anyone can. Most of the time traders simply trade noise without realizing it. There is still no trend in oil. It has been sideways for the past three years.
Now I have taken some profits here and I would suggest you do this too. I suspect that the shorts have been run and new momentum has to build which was the reason for todays sideways movement in the lower time frames. The good news is that it did not fall which means the bulls are still fully in control.
I hope you are enjoying the ride. I enjoy helping where I can. Cheers!
You see like I mentioned people look at volume as the be all end all but they look at it daily. That is a mistake. It is not the daily fellows that control prices. It is the big banks who actually control the prices and it takes time to set the stage where they can make money. Not a day or two but rather weeks or months.
Oil like any commodity is a guesstimate of where price may be headed. If Warren Buffet can get it wrong then anyone can. Most of the time traders simply trade noise without realizing it. There is still no trend in oil. It has been sideways for the past three years.
Now I have taken some profits here and I would suggest you do this too. I suspect that the shorts have been run and new momentum has to build which was the reason for todays sideways movement in the lower time frames. The good news is that it did not fall which means the bulls are still fully in control.
I hope you are enjoying the ride. I enjoy helping where I can. Cheers!
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