#Oil - Is shorting this market wise?
As the oil market continues to rise, there are clear intentions from a number of market analysts to short the Oil market.
Keeping an eye on the current futures expiries for WTI Oil there are strong indications that buyers are easing off, while sellers are coming in strong. While Geopolitical issues could change and of course change the direction of the market, this has not happened.
Let's focus on what we know! there is an overall decrease in the open interest across the market, while the price continues to rise. This is indicating that there is divergence in the interest in this trend, and we should be on high alert that the uptrend is aggressively slowing down.
But, with all this information we still can't change the overall focus that there is a global increase in oil prices and the market has not indicated a turn.
Summary: the current balance area is just below $90, and until we see a new balance area created or a drop below $90 we still need to go with what is obvious.
If you want to talk more about trading/analysing the markets check out our Tradingview profile or send a message via the Tradingview chat feature.
"Trend is your friend UNTIL IT BENDS"
Happy Trading
Ionic Capital - Little Big Movement
Keeping an eye on the current futures expiries for WTI Oil there are strong indications that buyers are easing off, while sellers are coming in strong. While Geopolitical issues could change and of course change the direction of the market, this has not happened.
Let's focus on what we know! there is an overall decrease in the open interest across the market, while the price continues to rise. This is indicating that there is divergence in the interest in this trend, and we should be on high alert that the uptrend is aggressively slowing down.
But, with all this information we still can't change the overall focus that there is a global increase in oil prices and the market has not indicated a turn.
Summary: the current balance area is just below $90, and until we see a new balance area created or a drop below $90 we still need to go with what is obvious.
If you want to talk more about trading/analysing the markets check out our Tradingview profile or send a message via the Tradingview chat feature.
"Trend is your friend UNTIL IT BENDS"
Happy Trading
Ionic Capital - Little Big Movement
High: 91.74
Low: 89.03