Quote:
Originally Posted by Enoch Root
Or demand could pick up again in Asia. Or a whole bunch of other things.
All I'm saying is that there is more going on right now than short covering.
Where we go from here will depend on things not yet known (as always).
|
Agreed
Known Unknowns lol
The agreement was a signal to shorts to cover as downside was limited. Several of those shorts are probably longs now. Long until what level is the question, probably stiff resistance to break at $40 but we will see. At that level without changes in fundamentals you probably see shorts entering again. Investors don't move commodities markets, traders and hedge funds do - they make money both ways.