Selling Oil Aggressively for the Weekly Close
Updated
Here we are tracking the major highs in Oil ahead of an important Fed next week. The ECB has marked the end of the pullback from our initial positioning leg, we have added juice into the pot and with Kuwait coming back online the mainstream narrative will change after the close today.
This is something we have widely tracked in the chatrooms, the institutional flows are crystal clear here after October was sold at a bleak 56.20.
On the technical side we are going to use three simple measurements for our targets. Initial targets can be located at 53.43 (Targets via prior support), Secondary Targets 51.42 (Targets via ABC sequence in swing) and Final Targets 47.59 (Targets via Fib Extensions). Whilst for the stops we can place them above previous resistance, as we know a break above will mark a more material rebound from the July lows.
Highly recommend all those following the macro flows ahead of Fed to track this closely. We are set for a massive move.
Best of luck all those on the sell-side.
This is something we have widely tracked in the chatrooms, the institutional flows are crystal clear here after October was sold at a bleak 56.20.
On the technical side we are going to use three simple measurements for our targets. Initial targets can be located at 53.43 (Targets via prior support), Secondary Targets 51.42 (Targets via ABC sequence in swing) and Final Targets 47.59 (Targets via Fib Extensions). Whilst for the stops we can place them above previous resistance, as we know a break above will mark a more material rebound from the July lows.
Highly recommend all those following the macro flows ahead of Fed to track this closely. We are set for a massive move.
Best of luck all those on the sell-side.
Note
Note
Very bad luck... stop was too tight for the wild flows. It was screaming short after Fed...Trade closed: stop reached
Note
Damn..
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