short term WTI purchase ahead of OPEC
As crude extends it's longest losing streak in...umm forever, there is an opportunity for a super speccy long trade here.
WTI was trading above $76.00 just one short month ago on perceived supply worries. We have now gone a full 180 degrees as this weeks production data now pus the emphasis firmly on talk of oversupply.
We have now tested 50% retracement from year highs, last at $59.78 and are witnessing the biggest losing streak in the contracts history (10 consecutive down days)
My reccomendation is to buy here $59.60 with a stop at $58.90, take profit on todays close in anticipation of short covering coming into this weekends OPEC meeting.
Happy Hunting
WTI was trading above $76.00 just one short month ago on perceived supply worries. We have now gone a full 180 degrees as this weeks production data now pus the emphasis firmly on talk of oversupply.
We have now tested 50% retracement from year highs, last at $59.78 and are witnessing the biggest losing streak in the contracts history (10 consecutive down days)
My reccomendation is to buy here $59.60 with a stop at $58.90, take profit on todays close in anticipation of short covering coming into this weekends OPEC meeting.
Happy Hunting
Trade closed: target reached
Im not a greedy nor a proud man...I will take 1% in an hour every time.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.