Tuesday, August 7, 2012

Risk-on and inventories down? Buy oil!

As the risk-on mood across the markets continues and speculators betting that crude oil inventories might have decreased by further 1.5mn barrels after they fell more than 6.5mn barrels last week (data will be released tomorrow) oil advances well above 108.40 (50 Fibonacci level) and this convinced us to go long. We bought into the market just above 110.00 USD and we set the Profit Target at the next Fibo level of 113.19 USD

1 comment:

  1. Oil Trading is a huge market. It covers the whole world in trading and this is the reason why people loves to be in this business.