It flushed out stops under $60, now is touching $64 again. Most bullish price action Ive seen in the space in weeks, with spus down, even copper is green, and the China bailout ‘news’. Dont want to get ahead of myself, but is it time to dip the toe in from the long side??
Give it a little time here. We’re at a one week high or something and you’re ready to call the bottom? Maybe…
I agree that it should be a good long term play. In the short run it will continue to be very voliatile.
Not even at a 3 day high … yeah I know, probably a bit premature, particularly with stocks looking bad. Not usually one to try and call a bottom, but no way Im selling down here, and feels like people have got themselves very very short commodities. Interesting the amount of posts calling a bottom in stocks but no one doing it in crude. (he says before watching it plummet to $35…)