Just a daily reminder that Oil is still bearish.
Saudis and Russians trying to prop up the price of oil by slashing output, obviously the market will react to this as we can see already.
None of this changes the fact that production levels are still hovering near record levels with dwindling demand for oil.
We can see that via manufacturing declines.
My game plan:
Scalp long with very modest targets,
Fade spikes short.
This is not an ideal market to hold a long term position in yet.
Saudis and Russians trying to prop up the price of oil by slashing output, obviously the market will react to this as we can see already.
None of this changes the fact that production levels are still hovering near record levels with dwindling demand for oil.
We can see that via manufacturing declines.
My game plan:
Scalp long with very modest targets,
Fade spikes short.
This is not an ideal market to hold a long term position in yet.