Crude approaching $80 on central bank liquidity injections. Considering going short again.
No fundamental reason for the current price rise (other than reasons for long term bullishness)
I don't believe that the issues in Europe are even close to resolved so I am considering going short again at currents. Will enter a limit order to sell at 79.80tomorrow.
There is a large head and shoulders formation forming in oil which would target an objective of $60 per barrel. I do not see fundamental reasons for oil to go so low unless there is a full blown soveign bond crisis in Europe so I will target $75 with my short position and then reevaluate once we get to that point.
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