This idea works off a forecast that oil will continue bearish. I feel it's time to buy SCO and put a stop near $43. I feel the July 5th large bear candle is a reversal to begin a new trek downwards.
I also think oil should eventually go into the high 30's before ending it's bear run, but I'm only targeting a retest of last bottom near $42 oil ($52ish for SCO) for now.
SCO looks bullish on the hourly near closing for Thursday 7/6. 7/5 candle was very strong and I feel this bear run will be forceful (quick) to retest the old resistance.
Bull oil over the 50 SMA breaks this idea. Always have a stop loss or you'll be on the wrong side of the trade.
I also think oil should eventually go into the high 30's before ending it's bear run, but I'm only targeting a retest of last bottom near $42 oil ($52ish for SCO) for now.
SCO looks bullish on the hourly near closing for Thursday 7/6. 7/5 candle was very strong and I feel this bear run will be forceful (quick) to retest the old resistance.
Bull oil over the 50 SMA breaks this idea. Always have a stop loss or you'll be on the wrong side of the trade.
Trade active:
My concern is this reaches 46ish and runs dry as a small correction. It's good to take profit always.
Order cancelled:
I took profit after the AM dip. Oil may remain bearish, but it needs to consolidate. Even to the up side. Gold went bearish again. Commodities are bearish in general for now.