With Oil whipsawing all day today there have been very few trading opportunities without a lot of risk behind them (not for small accounts anyway) and such the day even though with a lot of movement could only have been a good day for traders that involve luck in their trading strategy. The day was dominated by OPEC possible news announcements uncertainty and on the immediate term any trend or direction could have been (and has been for that matter) annulated by an opposite action which lead to the many whipsaws we have seen. While yesterday it seemed that the direction is down and we will have a sustained move today Oil continued to fool around up and down at approximately the same levels as yesterday however that only adds more weight to the opinion according which we should and we will have a move that will be sustained and last longer. The expectations from this trader point of view is that the move will be on much lower volatility and the direction, for the moment, remains down (see the hourly chart bellow) as Oil is currently trading bellow the support resistance trading area of this week. All expectations, of course, are subject to change.
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