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And the fact that it rallied when it had every reason to sell off. It closed yesterday at highs and today was a follow through day. We'll see if it doesn't do a 180 by Monday then a range between 47 to 53 might be set
Can you help answer these questions from other members on NexusFi?
One of the clear signs that Crude Oil has put a bottom in when the term structure changes or as the article points out as long as there is oil on the market looking for a home to be stored- crude will continue to search for a bottom. Till then every bounce is shortable. Bigger the bounce ( like today) bigger the opportunities.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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Question @mfbreakout when you say "when the term structure changes" what are you looking for/at? I personnally do not trade CL flat price, but I do trade term structure so I am curious what you mean.
On another note I shared a different article with a friend in the shipping industry where media sources talked about people utilizing VLCCs as floating storage. They interestingly contradicted that story and said at this point there is little evidence of that happening and that the VLCC market is actually quiet weak,