Welcome back to your charts and to yet another Monday morning look at Oil.
Unlike the very nature of the fossil fuel we’re trading, Oil really is the chart that keeps on giving!
Check out the rejection out of resistance on the daily chart below:
OIL Daily:
We’ve been following this major Oil resistance level for a while now and if you look back at our last blog, I was too scared to short Oil… SIGH.
But as our great friend Warren Buffet says:
‘Be fearful when ithers are greedy, be greedy when others are fearful.’
Could that quote ring anymore true in the context of the above Oil chart? We had the resistance level holding which pointed to a short, but fearful emotions on the back of perceived escalations in the Syrian conflict saw me shy away.
Talk about frustrating! But hey, as all traders know, I have nobody to blame but myself.
