the 4h chart shows a down trend since 4th january, but i wont b shorting, i will b waiting to buy again, selling in the current climate is too risky for me.(in respect of the iran situation)
i only make around 20 trades a year, but when i do they are right and bring large returns
nfp wont really affect the price of oil unless there is a loss in jobs instead of the 140k gain expected,
the most worrying thing for oil is the huge reserves, but opec wont let the price fall too far.... i remember about 2 years ago the opec spokesman said oil between 75-85 is fair on consumers and suppliers but since it has gone well over 100 and is now trending between 95-105 they dont want to do anything about getting back to the fair level... how odd.
supply is not an issue really as the reserves are nearing high levels
i personally will be looking to buy below 95 and watch it go back to around 100 for a 500+ point gain