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About curly747

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  1. Hi Mercury, Well oil did bounce a little today but technically it still looks like a pretty solid downtrend to me in the short and medium term. I would favour selling on any bounce. I have never really followed this market and am interested now thanks to you. I guess we will know in the coming weeks and months.
  2. I guess you are right that a retrace is due sooner or later. However i am mildly negative about oil. Seems to be plenty of supply and a few cheaper ways to produce it these days. A move to $60 in the short to medium term looks unlikely to me unless there is some sort of disruption to supply. I am also not hugely bearish because how much lower can it go ? Maybe to $30 ? Can it go further than that ? Production cost could start to provide a floor when it gets to those levels.
  3. I think i would considerably favour the downside when looking at that daily chart.
  4. I think $1300 was a key resistance level. Its now equally important that level holds. I think its a buy at these levels with a stop somewhere below $1300. Maybe it will run to $1500 or $1550. I started buying it at $1260 and thought i might have got it wrong until brexit saved me. I have been surprised how resilient it has been post brexit and i think it will keep going up now.
  5. I was waiting for it to retrace to $1300 but got impatient and bought some gold at $1320. It seems very comfortable above $1300 and i am expecting it to do well over the next few months.
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