One of the Lowest Risk Short Opportunities for Oil
Updated
Oil has been trading in a tight range, and supply concerns seem to have taken back over with an unload to the short side. We're going to load up, as the previous upside moves were knee jerk reactions to OPEC meetings and not taking into account US production increases over the course of the last few months. Let's not forget about Russian & Chinese production adding to the mix. If you're looking for a short opportunity, this is a potential setup for another downward trend #StayFriendly
Note
We tried to capture the move and managed risk. Unfortunately, the oil news announcement this week didn't allow for a downward trend start just yet. A break below $51.19 will be another short opportunity with a closely managed trailing stop loss. Our overall bias on crude oil is Short due to the fundamental factors of oversupply in the overall market not changing for at least 1 - 2 years.
Related publications
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.