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Wtiusd

Long WTI - channel bottomTechnical: Bullish case: channel bottom and severely disconnected from moving averages. We see potential closing above a down-trend for the first time in 5 weeks (above 42.96 to accomplish this). If pattern holds, find yourself at the top of the channel (~49.25) within 2.5 to 4 weeks as the spike is has historically been faster than the fall. Bearish case: Below this channel and we may fall into "no-man's land". Could short below $42.50. Lots of resistance levels between 42.50 and 49.25. Fundamental: Bullish case: summer driving months, opec, saudi ipo on deck Bearish case: continued oversupply, any build or overestimated draws could drag the price down - I am long - 42.00 stop-loss.
TVC:USOILLong
by Nezah
Buying WTI, oil, on this dip... cuz there is no one else to sellHere's a crazy notion, and I am taking it.   I am buying this dip on WTI .  The rational is simple:   It goes against everything the market is doing , and that is exactly the reason to do it. Who is left to sell?  Is there more supply that will all of a sudden show up and be sold?  No more than normal.  It is the specs I am targeting. My position is going to be a delta position.  I am long spot with an at-the-money put as an insurance.  I am long a 1-week, and am long 2x my spot size.  I will sell the spot on various levels as the market rises.  If the market falls, I put in long orders.  I need about a $2.50 move higher to be break-even.
FOREXCOM:USOILLong
by ByDHTaylor