Oil looking bearish again.This idea works off a forecast that oil will continue bearish. I feel it's time to buy SCO and put a stop near $43. I feel the July 5th large bear candle is a reversal to begin a new trek downwards.
I also think oil should eventually go into the high 30's before ending it's bear run, but I'm only targeting a retest of last bottom near $42 oil ($52ish for SCO) for now.
SCO looks bullish on the hourly near closing for Thursday 7/6. 7/5 candle was very strong and I feel this bear run will be forceful (quick) to retest the old resistance.
Bull oil over the 50 SMA breaks this idea. Always have a stop loss or you'll be on the wrong side of the trade.
SCO trade ideas
Bearish oilI'm not sure how much oil will correct before a buy on bearish oil. It may be shallow or a moderate amount. I feel the last impulse up in bearish oil will be strong and fast. Try to be open minded on the last impulse strength and have a trailing stop. It may exceed the target box, so adjust on strength.
SCO - to long from 91.73In the context of Crude oil decline below 45, we are looking to long SCO.
SEC looks breaking up a downward channel & money-flow in increasing. We are looking to long if breaks above 91.73
You can check our detailed analysis on SCO in the trading room/ Executive summery link here-
www.screencast.com
Time Span: 29:00”
Trade Suggestion Date: 5th Jul