Hello guys,
In this video i show why i see a long in WTI. Coming into this week i was only looking for shorts on oil and cad but with the opec meeting russia i am forced to review my bias.Oil has been extremely cheap and a course for concern especially with the demand coming out of china dropping at record levels.If i am not mistaken china makes up for almost 20% of the oil demand and with that out of the market you can see why opec definitely has to cut supply.I think they will either cut oil or all of a sudden there will be news reports of oil tankers getting attacked by unknown people.Either way i see a retest of the support and a shoot up to higher price levels in oil and cad
In this video i show why i see a long in WTI. Coming into this week i was only looking for shorts on oil and cad but with the opec meeting russia i am forced to review my bias.Oil has been extremely cheap and a course for concern especially with the demand coming out of china dropping at record levels.If i am not mistaken china makes up for almost 20% of the oil demand and with that out of the market you can see why opec definitely has to cut supply.I think they will either cut oil or all of a sudden there will be news reports of oil tankers getting attacked by unknown people.Either way i see a retest of the support and a shoot up to higher price levels in oil and cad