Oil's back to testing Sept $76 lowSince OPEC cuts have been in effect I felt that we would have that support to bounce off $81 but this morning at 9 am as usual overseas sold off hitting $77 and that's too bad because Oil went through the night at $82 but this has created another buying op or averaging down your holdings but I've noticed that Oil has made 3 attempts to hit $80 only to pullback so we could see weakness through the day staying in the $70+, I think that we will all agree that Oil will rebound so next week will hopefully be green. I started back in June predicting that Oil would be at $75 years end and even I'm surprised by this bearish move on Oil over the week I felt that OPEC cuts would hold Oil over $80 so here we are at Sept low, Oil couldn't stay in the $90 and now we are in the $70+ with no signs of bullishness today but we're betting on Oil being back up to $80+ We need to stay defensive in these times; this is exactly what I've been aware of happening and it's the negative data that needs to be followed as early warnings along with everything else and there are a lot of strings pulling Oil. We're traders and this is just another day!
Optimism, Pessimism, and Realism.