US Oil has had some new changes emerge from Opec in the past week.
Opec is incentivized to Cut oil production north of 1 Million Barrels per day.
This is going to have a major impact on Oil Prices coming up in the Month of May.
Technicals Suggest-for a market retraction, before the impending reaction. Ultimately taking the US Oil Prices to new highs for the year.
Overwhelming dollar weakness has been showing up lately as well, this will contribute to a total higher oil price as well.
Technicals-Have the technical gap up. Now, most of the time; gaps fill. But I've also seen weird things occur in this world.
Practice a good risk model for this just incase. But lately, Oil has been having fairly smooth price action.
Entry 80.50 (Short Term Swing Short)
SL- 81.75
TP- 76.00
Opec is incentivized to Cut oil production north of 1 Million Barrels per day.
This is going to have a major impact on Oil Prices coming up in the Month of May.
Technicals Suggest-for a market retraction, before the impending reaction. Ultimately taking the US Oil Prices to new highs for the year.
Overwhelming dollar weakness has been showing up lately as well, this will contribute to a total higher oil price as well.
Technicals-Have the technical gap up. Now, most of the time; gaps fill. But I've also seen weird things occur in this world.
Practice a good risk model for this just incase. But lately, Oil has been having fairly smooth price action.
Entry 80.50 (Short Term Swing Short)
SL- 81.75
TP- 76.00
Trade active:
I actually got a better entry at 81.00 in the low liquidity hours of Sunday night. Great entry for my risk reward.
Comment:
Crowed trade guys. They will not make this easy without taking out as many participants as possible. Here we go.
Comment:
Alright. Another update. We are slowly sliding between the support. I think there might be a last-stand pump that could occur at the open. before we significantly trade lower. Then we will have a reasonable crescendo effect. Setting up lower. Potentially could happen today.
Trade closed: stop reached:
Alright, we didn't even get a few dollars. crazy. But like i mentioned. Odd things occur in this world. Nothing is solid. We get them on the next position.