In my 'Oil Meltdown - What Now?" chart, Prices reach their first Target Price but have rallied back to the original Supply level where I expect the selling to again occur. That analysis was on a continuous chart and the entry and bottom target is lined up with this K (May) chart view. With the DX relatively flat this price drop would require a couple weeks of bearish reports; while good sources are advising continued bullish reports, when bullish sentiment gets too high, I expect the market to off-balance and trap the majority.
I still have existing short positions form the trade mentioned above but will be adding or advising to open new short positions between 50.90 and 51.16. Bullish reports could quickly squash this trade so be sure to set your SL.
Trade:
Short Entry: 50.90-51.16
SL: 51.75
TP1: 48.95 (Close Half Positions)
TP2: 46.10
Again, please take a look at my "Oil Meltdown - What Now?" chart for a view on the continuous chart, retrace to initial supply level and ascending trendline.
Comments, questions, criticism, fundamental views are all welcome,
Good trading all!
I still have existing short positions form the trade mentioned above but will be adding or advising to open new short positions between 50.90 and 51.16. Bullish reports could quickly squash this trade so be sure to set your SL.
Trade:
Short Entry: 50.90-51.16
SL: 51.75
TP1: 48.95 (Close Half Positions)
TP2: 46.10
Again, please take a look at my "Oil Meltdown - What Now?" chart for a view on the continuous chart, retrace to initial supply level and ascending trendline.
Comments, questions, criticism, fundamental views are all welcome,
Good trading all!
Trade active:
Entry level reached, this trade is active
Trade closed: stop reached:
Unfortunately the SL was hit very quickly; sentiment following API is very bullish; I will wait for prices to settle following EIA to reassess a new entry.
