Oil has been in a sideways trend for several months and doesn't know where to go next.
Is anyone focusing on commodities here?
A community member's personal view, not investment advice. Community Guidelines
BC
I don't focus much on commodities, I just look at the gold price from time to time.
MD
I'm watching it, too. I try the trade on it sometimes and learn. In the past just on oil so far I have been profitable in the trader, I don't know why. 😂 As you say, nice chart that goes sideways. So far it's holding and support hasn't been broken although I thought it would be at one point. I tend to wait for areas around that support and then go long when I see it bounce. I take tiny scalps. US oil inventories are supposedly good, anyway I'm also curious to see more news from OPEC. I do think it could go up to resistance for a while now so it's still spanking. For the trade, but I'm a beginner, I think this is a good one if there's a range in which to hold it and then you can follow the cycle.
AA
Yeah, it's a nice place to be. You picked a good chart👍It's a very volatile commodity though and sometimes news is very pivotal to subsequent developments.
