Oil futures: Drop incoming, any minute nowI'm monitoring the oil futures to take a daily short position, to complement my monthly short (see related ideas).
Today I shorted oil, using a stop loss at June's monthly close. You can enter here right away, and add once the daily signal triggers. I'll update the publication once that happens.
There's a time at mode uptrend on chart, and time expires on the 19th. The target has been exceeded and we're approaching a low volume resistance level, plus RgMov indicates this is a downtrend, and that we can short once we spot weakness in oil's price action, specially now, since CCI has hit overbought levels.
- Go short oil futures, CFDs, ETFs (like OIL), at market, and use a stop loss at June's monthly closing price.
Risk 0.5-1%. Not more. We will add once the daily signal triggers.
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Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
CLU2016
AB=CD ending at downtrendline and upper MLHCLU's recent price action hints at prolonged bullishness (which vibes with iea's assessment of a deficit in Q3).
However if we look at the structure there is a very real chance of a drop at 45.50 area where AB=CD ends at both the last downtrendline measured from the top of the advance at the beginning of this year and the upper MLH of a mod schiff that has been capturing the path of price.
Copying BC onto that point projects to the bottom of that same mod schiff (around 43.13)
In the short term i am also weary for bulls as we are at the end of a rising wedge atthe upper MLH. When i copied a minor swing from the AB structure it projected right to the median (at 43.39)
I will be buying that for a target of 45.50 and monitoring to see if we make it past that.