USOIL is experiencing a boost w/ wave extension shown in the chart. The overall price action is on a downtick. The expectation is that by about DEC 27 or DEC 28, the bottom really falls out and oil could retrace well below 45/b before the turn of the calendar year. With many analysts having gone full-on bull with everything, this voice should prove as a counter-intuition because the SHORT called for over the weekend worked out, and the sustainability of this global economy through a pandemic cannot be that strong.
The short this trader acted on was Halliburton, but
GUSH or the oil ETF is towards the same notion.GOOD LUCK, at a time when LUCK IS NECESSARY.
-BDR
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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.