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IvanLabrie
Jun 14, 2020 8:56 PM

USOIL: Likely a top by now... Short

WTI CRUDE OILTVC

Description

The same pattern is visible in DXY and all major pairs, as well as in SPY. The recent bullish trends we had are peaking, and already show a reaction right after FOMC.
I would assume oil will go back down, retracing at least half of the surge from $0...
Entering shorts near resistance here might pay off, or at the very least, being aware of this trend to trade pairs that are correlated to oil like USDCAD and USDNOK, or USDMXN, or simply shorting some energy stocks.

Keep an eye on it here, if the high holds, it's likely to fall from here for a while.

Cheers,

Ivan Labrie.

Trade closed manually

With the bullish news that came out, odds of this being a top dropped substantially. Perhaps there's one more up swing in play.
Comments
ujhehe
any update?
andrkuzm
what ? news? what a bullish news?

what does it mean for technical picture ??
ujhehe
how much do you expect at this time? $20~24level?
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