I am now long on Brent crude from 28.8 usd A number of reasons...

I am now long on Brent crude from 28.8 usd

A number of reasons why I am now bullish

1. I like the fact opec have said they are prepared and ready to support and cut production even though Iran have come on line,
2. China GDP petty much as expected and did not fall below 6.9% the figures are questionable however I expect some form of stimulus they cannot afford to slide further
3. A divergence has formed in US equities and oil on the charts this has happened before and history suggests oil will go bullish from the lows, and US stocks are still overvalued expect a correction which is taking place now
4. Some sort of rebalancing is already taking place with numerous corporate write downs taking down the supply particularly in the US decreasing supply
5. A record number of shorts in the US will need to cover at some point, squeezing and burning will force them to go long

We shall see how this long play goes, ready to dump in any bad news especially if the oil glut increases

This is just my opinion

Good luck all