Trade of the week sell Oil ... ridethepig
Updated
Here we are tracking a breakdown in Oil via the supply and demand side.
On the fundamentals, same story we have been tracking all year.... narrowing backwardations and POTUS in full protectionist mode.
For the technicals the lows set two weeks ago at 50.51 are vulnerable and open to be swept. I expect NY to set things straight here and trigger the momentum flow that will last till September Fed.
A MKT entry with stops safely kept above 56; anything higher will cause me to move to the sidelines once more. Whilst to the downside targets are very clear, initially found at 50.84 with an extension as low as 49.28 if we get the impulsive momentum trigger.
Best of luck all those trading Oil.
On the fundamentals, same story we have been tracking all year.... narrowing backwardations and POTUS in full protectionist mode.
For the technicals the lows set two weeks ago at 50.51 are vulnerable and open to be swept. I expect NY to set things straight here and trigger the momentum flow that will last till September Fed.
A MKT entry with stops safely kept above 56; anything higher will cause me to move to the sidelines once more. Whilst to the downside targets are very clear, initially found at 50.84 with an extension as low as 49.28 if we get the impulsive momentum trigger.
Best of luck all those trading Oil.
Note
A quick update here with Iran confirmed .. Note
...and we are breaking downNote
A good time for a chart update here; Note
No break for the open... NY next Note
Aggressively selling 54.2 Note
Eyes on NY offering the open Note
Losing the roll will unlock the flow right now Trade closed: stop reached
Damn... a complex retrace with a tweet was enough to sweep our stops
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