TomProTrader

CL1!: COULD SEE 2009 LOWS BROKEN ON CONTINUED BEAR FORCE! #CRUDE

NYMEX:CL1!   Light Crude Oil Futures
486 2 9
Traders

We are seeing some what appears to be genuine demand after hitting enormous lows. I think the buying is genuine, however I also think that the move is a pullback move only to the minor highs and will NOT start a new agenda (A new trend). I think the main trend is down and I think due to the massive resistance ceiling I can say this with a lot of confidence.

When trading this it is worth watching USDCAD             with this trade, as it will inevitably move hard when Oil             breaks the 2009 lows (I suspect Oil             will grab a lot of momentum when it breaks the 2009 lows because it will provide a rare technical opportunity to short Oil             off of high probability momentum.

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Thank you.

Best of luck
Tom
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I agree, I love the fact that after two days everything thinks a rally is on, but the truth is that there is still an oversupplied amount of oil, which is set to increase with sanctions lifted of Iran. I'm quite happy to let my shorts remain open to the 36-36.5 area to begin shorting again.

Reuters apparently stated that the cold weather snap on the East US coast was the cause for oil to increase???? My understanding is that Nat Gas will increase for cold snaps in the US and not oil
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I have a question for you if you don't mind.
Every trade has one long side and one short side. You have very succesfully been playing oil short and usd long for a while now.
My question to you is: what is your view on DXY, the usd-index?
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