Why is everyone so giddy about the prospect of shorting oil here? The move on the monthly is just getting started and there is no fib resistance or even much volume supply until you get to $62. Not a great risk/reward short entry here. This is the same chart I’ve been posting here for months.

WTIC

It’s also encouraging today to hear Dennis Gartman say that he’s leaning towards selling oil right now, although not aggressively yet. He said today that “oil is more like to go down $5 than up $2.” He also famously declared in January that we wouldn’t see $44 oil again in his lifetime. Maybe he was told he only had 3 months to live? He must be the most consistently wrong guru to be brought on TV so frequently….very entertaining to see him come up with these projections based on….ummm…nothing more than guessing.

gartman oil 44