Major support held
State of the nation:
So far the major support zone has held
The daily trend up is broken and we are in a down trend since May 6 from 62.61 high.
Inventories are still extremely high and climbing for the most part.
It appears that the larger secular bear is still the main structure.
Short Term Strategies:
Some may choose to go long in to the resistance levels, others may elect to wait for opportune moments to get short at resistance or below 57.93.
I think selling premium on pops remains one of the most interesting plays.
So far the major support zone has held
The daily trend up is broken and we are in a down trend since May 6 from 62.61 high.
Inventories are still extremely high and climbing for the most part.
It appears that the larger secular bear is still the main structure.
Short Term Strategies:
Some may choose to go long in to the resistance levels, others may elect to wait for opportune moments to get short at resistance or below 57.93.
I think selling premium on pops remains one of the most interesting plays.
Disclaimer
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.