QUOTE(danmooncake @ Dec 13 2016, 11:27 PM)
Let's get back to Oil discussion...
Yesterday, we got a huge gap up after non-OPEC members agreement during the weekend but it was immediately sold back down half.
That $52.50-$53.50 level seems to be battle ground here for the bulls and bears and likely bears last line of defense,
for that range of $42-$52.
With the market near year end (santa claus or window dressing), and barring any more bad news, I think the bulls got more chance here to push it up to the next trading range.
What do you all think?
before the opec meet, most were expecting it to get to 50-55 depending on the actual outcome.
for opec, i think target is reached since it was looking to return to low 40s.
with all the positive news out but still skepticism on whether all will comply, profit talking is only to be expected.
fed meeting outcome dec 15 should be a no brainer - 25bps hike.
api/eia stocks data tmrw.
i expect it will be rangebound 52-53.50 for a while, until some big event comes along.
will find opportunities to trade it.