Oil Shorts in Play or an Irrational Bias for Cheap Petrol?

Oil Shorts in Play or an Irrational Bias for Cheap Petrol?

Buz Investors Oil Shorts I had a lighthearted conversation with a colleague not so long ago, asking if they feel they might have an irrational bias toward shorting oil, simply because the flow on effect will mean cheaper petrol when they go to fill up their cars later on.

Buz Investors Oil Shorts I had a lighthearted conversation with a colleague not so long ago, asking if they feel they might have an irrational bias toward shorting oil, simply because the flow on effect will mean cheaper petrol when they go to fill up their cars later on. I honestly feel I might have this! Am I alone here? Surely not. Well, now we’ve got that little disclaimer out of the way, lets have a look at some oil charts. We’ve been watching this oil resistance zone that we can see on the weekly below. Price has rejected out of the zone and we’ve seen some follow through, which has brought us down to retest the upper side of this bearish



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Oil Shorts

Price has rejected out of the zone and we’ve seen some follow through, which has brought us down to retest the upper side of this bearish trend line, this time as possible support.

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Oil Daily:
160313_oil_daily
Click on chart to see a larger view.

This is the level that’s in play, but seeing as though the higher time frame horizontal support has held and we’ve seen the follow through from sellers that we have, I am inclined to play oil from the short side.




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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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