Fossil fuels / Commodities bubble is about to pop. I'm starting to look for a bearish reversal within the next 2 weeks. Here's a GUSH 1 day chart with my indicators, pi RSI, tickerTracker, Fibonacci MA7, MTTC2.0 beta, Fibonacci VIP, ATRxxl beta and Volume & PivotsHL.
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Is it hard to get shares on this to short? I shorted CVX for this drop. I think short term low its in. Looking to reposition a short soon. Much more downside ahead I believe.
Options360
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@oliverrathbun, naked puts or put spreads easy. But ideal entry timing for the short was around when this was posted a week ago. When all the institutions were lying publicly saying it's time to go long. lol.
oliverrathbun
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@growerik, They issue puts on this huh? I bought some July 180 puts on CVX. Not very liquid..... Had a nice move in them but not a lot of activity. The great thing about this move was it happened before crude had any appreciative decline. Once that market cracks...which is soon to happen I think. There will be some nice gains on the short side.
Options360
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@oliverrathbun, there's options contracts for almost every ticker. ✌️
jpolec
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GUSH is about to go down, while DUG is about to rise. If all whales are talking about oil > 130-150/bbl, then we will have reversal at least for couple of weeks. Stabilization is going there.
Options360
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@jpolec, It's really getting toppy. Maybe perfect timing is next week before Quadruple Witching 6/17 expiry. One never knows exactly but it's really close to the June peak.
Options360
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@jpolec, it's looking like yesterday noon was GUSH peak for the time being. But I'm still thinking a retest back up to $257 is possible for it to fall harder faster after that.
jpolec
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@growerik, see the VIX, if that will be confirmed by volatility, then the trend can be reversed. Also there is equilibrium for oil price, to make long term returns, and not push into ESG nor shallow delivery in US (which can be up to 1.5-2% of total WW). I bet it's reversed already...