AdamParmer
Short

Short covering on expiration could be a great short entry

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
Today at 2:30 many oil             futures traders will be making moves to cover short positions that expire today. This may lead to an uptick in oil             prices but do not be confused by this soft bottom action. While it looks to be rallying at a bottom, this may just be elusive as the supply picture is still overwhelmingly a surplus.

We may get a near-term bounce at these levels, but picking up another speculative short position is worthwhile as we could see oil             roll over again. A quick stop/loss to use is the .786 Fibonacci line (at 46.43, in green). If we get a close above, cover your short.

You can effectively short oil             with USO puts or UWTI             (3x Bear ).

We strongly recommend you enter this trade if you have time and proper understanding of the risks involved.

Cheers,

The Enhancing Capital Team
Trailrunner
a year ago
I think DWTI is 3X bear and UWTI is 3X long.
+1 Reply
AdamParmer PRO Trailrunner
a year ago
Correct! Sorry for the slip up!
Reply
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