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Gsq9

CLQ0: Mapping Bullish ContinuationFurther to the earlier ideas on the August delivery contract, I would like highlight the fact that it has now become the front contract of the Crude Light futures curve, and that it did so while being traded at plus 100% from its YTD low. When the June delivery contract went into negative, this contract was trading at around $20/bbl. Two months later it is trading above $40/bbl and seemingly bulls are still very much confident in their holdings. Buying the dips towards the 150% area from YTD low seems reasonable. This would mean another 25% gain from $40/bbl. The chart shows all of the relevant details on the above.
NYMEX:CLQ2020Long
by Zoen_Trieste
3
USOIL 1H PerspectiveUSOIL showed a strong close last week and is seemingly looking for another positive close during the upcoming week. There are potential limit buy areas highlighted in the chart. The first area of interest being the weekly HLC3 @ 5773, the level from which the price bounced during the late Friday trading hours. Market participants seem to be waiting for a pullback to add on to their short risk exposure. Apparently, bears must first close and swap the bullish gap for bulls to panic and start vacating their holdings. A further push down of the market is likely to take place if bulls fail the gap area. As long as, the gap holds, short risk exposure will be the preferred alternative.
FX:USOIL
by Zoen_Trieste