MRO opening down 3% and MUCH MORE to come here as MRO and USOIIL move deeper into the bear market.
Same as my XOM thread the big clues were in the MRO/USOIL chart - back on December 1st revealed a top and showed bearish corrective price action.
as did MRO against the dollar
It is interesting that hardly anyone (no-one on TV 🤔? ) is looking at the asset over the dominant chart - USOIL. Everyone only looks at the asset over the dollar but it was the former that really helped build the case for this trade, just the same as with XOM.
Check out my XOM thread and also the previous USOIL thread for a deeper dive, its a similar scenario to XOM here.
This one is somewhat obvious as it is a double top with impulsive downside and bearish divergence.
This should be a good entry here also with momentum very much to the downside.
With bounces along the way will probably get back to about $8 in the end - we'll see.
Not advice.
Same as my XOM thread the big clues were in the MRO/USOIL chart - back on December 1st revealed a top and showed bearish corrective price action.
as did MRO against the dollar
It is interesting that hardly anyone (no-one on TV 🤔? ) is looking at the asset over the dominant chart - USOIL. Everyone only looks at the asset over the dollar but it was the former that really helped build the case for this trade, just the same as with XOM.
Check out my XOM thread and also the previous USOIL thread for a deeper dive, its a similar scenario to XOM here.
This one is somewhat obvious as it is a double top with impulsive downside and bearish divergence.
This should be a good entry here also with momentum very much to the downside.
With bounces along the way will probably get back to about $8 in the end - we'll see.
Not advice.
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And so we have exited our $30 short entry (shown above) and will be looking for higher oil prices for which to short oils stocks again.
In the end oil is very weak and will see a MAJOR collapse that we are looking to short back down to the lows.
And we are expecting a significant but ultimately corrective and weak bounce for oil before the real slum dump follows.
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Stay tuned !