Oil Post 50 Bp Cut
Looks like markets reacted positively to this 50 Bp cut... it was expected!
But, let's agree on something.. facts... the fact that the Fed has taken the initiative to cut 50Bps means that they consider themselves late and behind schedule ! Not good news at all.
Markets have played out the "50Bps" without highlighting the "behind schedule" fact... I would say it's either a trap or the sad reality.
I expect oil which have risen till 71.5 as per the chart... to reverse and dive again towards lower prices with "69.6" in focus knowing that its a very important level for oil.
We have reached the top imo, I ll be eyeing for new lower targets starting Friday/next week.
In case oil doesn't respect my trading plan.. and breaks through 71.5 and 71.8, we can expect bulls to enter heavily and take us to 73.8,74.6 and 75.2 in no time.
Recessions lead to lower oil prices.
Trade safe and green.
But, let's agree on something.. facts... the fact that the Fed has taken the initiative to cut 50Bps means that they consider themselves late and behind schedule ! Not good news at all.
Markets have played out the "50Bps" without highlighting the "behind schedule" fact... I would say it's either a trap or the sad reality.
I expect oil which have risen till 71.5 as per the chart... to reverse and dive again towards lower prices with "69.6" in focus knowing that its a very important level for oil.
We have reached the top imo, I ll be eyeing for new lower targets starting Friday/next week.
In case oil doesn't respect my trading plan.. and breaks through 71.5 and 71.8, we can expect bulls to enter heavily and take us to 73.8,74.6 and 75.2 in no time.
Recessions lead to lower oil prices.
Trade safe and green.
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