USOIL: Rejection of Resistance
Updated
51.91 Was rejected nicely, opening a short with TP $49
Comment
Also the hourly is nicely setup for some downsideComment
Furthermore this is an area with great reistance as seen in the weekly, which is also exhausted.Comment
Added to my short at $53.35Comment
Added to my short at $53.11Comment
Final add to my short at $53.05, SA's prince could fart and oil would pop. This is a joke. (excuse my language, but it suits the theatrical nature of this situation)Comment
Enter: Panic SellingComment
The Call to Put ratio has been hovering around all-time highs which leads me to speculate that as buying decreases (all longs are already bought in) there is no option but to book profits which will cause a chain reaction and with some help from sleeping bears to push oil to my initial target and slightly below. Thus, I will sell 50% of my position at 48.75 to avoid any troubles with the margin man and then then the rest at HCL.*Note: I suspect the trigger has been pulled for the chain reaction due to the volume spike
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