simonsays452
Short

Crude sitting at important support. $42 is calling.

NYMEX:CL1!   Light Crude Oil Futures
One is hard pressed to find a macro bull case for crude. Supply is poised to rise, demand is looking to slow, and the dollar looks ready for another leg higher. Longer term, I still believe we'll see new lows in oil             and the technicals make an easy case for a full retracement of this Spring's ascent.
Currently, crude is sitting at important support, which coincides with both the psychologically important, 50 level and the 61.8% fib retracement (49.84). Watch for a bounce off of 50 back up to the 50% fib retracement (52.24). Otherwise, a breakdown below 49.84 will usher in another leg down, targeting 46.89. This could be a rather steep descent if we see the dollar index             break out above resistance at yesterday and today's high ~98.30.

I'm currently short, but will look to add to that short on a move below 49.84, targeting 46.89 with a stop at 51.04.
Thx for sharing ..this is my opinion
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out