$USOIL bull run stalled mid 41/b: Upside is a new SUPPORT point.
It seems the run 
USOIL went on during the first half of Monday's session met its resistance, as written, around the 41.5-41.65 mark. It is below that right now, and it might not even test that point today. Watch for the dip below 41. It is this trader's OPINION (IDEA) that USOIL has strong support at the 40/barrel mark, which it has not for the last many months...the post-COVID high remains roughly 43, and until that is surpassed, all pump fakes might just be that...
IN CONCLUSION! -- There is a short here to be made, but not a substantial one in terms of oil-related positions. Weakening some positions might make sense--but with the 95% effective COVID vaccine hailed by MODERNA, things are still seeming - overall - quite bullish.
It's just thatUSOIL is going to need an even bigger shove to go 45-plus as we have continually pined for.
The economy is getting stronger, but it is still on a ventilator. As it is.
-BDR
Note: See yesterday's idea RE: the resistance point mid-41.
USOIL went on during the first half of Monday's session met its resistance, as written, around the 41.5-41.65 mark. It is below that right now, and it might not even test that point today. Watch for the dip below 41. It is this trader's OPINION (IDEA) that USOIL has strong support at the 40/barrel mark, which it has not for the last many months...the post-COVID high remains roughly 43, and until that is surpassed, all pump fakes might just be that...IN CONCLUSION! -- There is a short here to be made, but not a substantial one in terms of oil-related positions. Weakening some positions might make sense--but with the 95% effective COVID vaccine hailed by MODERNA, things are still seeming - overall - quite bullish.
It's just that
USOIL is going to need an even bigger shove to go 45-plus as we have continually pined for. The economy is getting stronger, but it is still on a ventilator. As it is.
-BDR
Note: See yesterday's idea RE: the resistance point mid-41.
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