Held $52 Support, Strong Support. Only possible surprises are on the upside. Some buying in spurts prob shorts cashing out

(edited)

Strong Support at $52 to $53.

Large increase in shorts during May $58 to $62. Buying spurts today shorts cashing out.

I don't see any downside from here. All the bad demand news is out China, Mexico.  

Maybe China surprises and agrees to some settlement by Economic meeting end of June. Market would make major move up on China deal

Mexico probably makes an effort to help curb immigration.  If happens some upside but not sure how much.

Some believe Maduro will leave Venezuela soon. If happens would imply supply increase . Maybe a little downside initially.  

I think trades $52 to $55 for a while.

Edited by Falcon
  • Upvote 1

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