Quote:
Originally Posted by BrownDrake
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.
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If I was long right now, I would be really close to the door at $40.