OIL - EXXON and CHEVRON
Just a short update in oil...
On Friday we got a pop again on low volume. The volume was the 25% of the key reversal's volume.
I think the small players were stopping out their short positions before the Weekend OPEC meeting , because last time oil gapped up after the OPEC decision... That was the reason of the Friday pop.
This time I just put 2 important oil company's shares on the oil chart: EXXON and CHEVRON.
Both of them is retreacing hard... Though OPEC had found the cure against the falling oil but these companies' shares are just not buying this rally.
Oil needs an intermediate correction before breaking to new highs.
On Friday we got a pop again on low volume. The volume was the 25% of the key reversal's volume.
I think the small players were stopping out their short positions before the Weekend OPEC meeting , because last time oil gapped up after the OPEC decision... That was the reason of the Friday pop.
This time I just put 2 important oil company's shares on the oil chart: EXXON and CHEVRON.
Both of them is retreacing hard... Though OPEC had found the cure against the falling oil but these companies' shares are just not buying this rally.
Oil needs an intermediate correction before breaking to new highs.
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Still not long for me...
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At the break of 50,8 - 51$ most of the traders will realize that the decline had started...
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