Articles
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Why traders are really bearish on oil
After bouncing back last week, oil prices took a steep dip on Monday. And there may be more downside ahead.
The difference a week ago, said Scott Shellady, senior vice president at Alpha Modus, is that oil received a boost from European Central Bank (ECB) president Mario Draghi. Last week, the ECB head hinted that increased monetary stimulus could be on the way in March.
“And it was also technically very oversold,” Sehllady said. “The weak shorts got squeezed out late last week.”
But with little fundamentally changed for crude, traders got jittery about the rebound’s strength and resumed selling this week. Shellady sees that underlying theme continuing.
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