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Short Term Oil Gains Nothing To Cheer About

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    For those looking forward for a permanent recovery in oil prices don’t hold your breath. With recent gains made after the FOMC meeting and increased fear mongering from OPEC, the news seems to be signalling quiet optimism in a recovery. I think it’s worth having a somewhat more pessimistic view of the whole affair. Ever since the announcement of potential production freezes, oil has been making some steady gains. Buying pressure for the commodity is coming almost entirely from hopes that OPEC

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