This is my current position on oil and what I'm expecting to happen. When looking at a weekly time frame, my moving averages are bearish. The same moving averages, are still not bearish on a daily time frame. I shorted oil at, $47.60 and my take profit is set at $45.45, but I would like to leave a small portion of my position to see price at $45.
I personally don't see oil coming any further than $45, unless some major news comes out for the US and pushes price further.
What are your views on oil, let me know.
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