Crude Oil Update
Hi Trades,
Crude Oil is on the move today with the price plummeting almost 10% today at the time of this post. We have seen the bearish momentum take out support that has been created and it keeps pushing to the downside. Price is currently trading at around $101 a Barrel and I would like to see the price remain and close below $106 in order for me to be interested in Shorting opportunities on the commodity.
Looking at some technicals, we see that price has created a Double Top which ties in a lower high as well. The current daily candle, if it closes as is, will be a bearish engulfing candle and will give me more confidence in the setup. All that awaits now is for price to close and then start pulling back in a more corrective (Slow) manner in order for us to find shorts to the downside.
My style of trade is always Reactive and never Predictive.
Renaldo Philander
Crude Oil is on the move today with the price plummeting almost 10% today at the time of this post. We have seen the bearish momentum take out support that has been created and it keeps pushing to the downside. Price is currently trading at around $101 a Barrel and I would like to see the price remain and close below $106 in order for me to be interested in Shorting opportunities on the commodity.
Looking at some technicals, we see that price has created a Double Top which ties in a lower high as well. The current daily candle, if it closes as is, will be a bearish engulfing candle and will give me more confidence in the setup. All that awaits now is for price to close and then start pulling back in a more corrective (Slow) manner in order for us to find shorts to the downside.
My style of trade is always Reactive and never Predictive.
Renaldo Philander
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