(4h) The Bearish Butterfly @ Extension Forging Divergence

FX:USOIL   CFDs on Crude Oil (WTI)
Comment: With a very small adjustment on fibs and targets.
1st target reached.
Close half position size, move stops to breakeven.
Comment: The 38% reached
it's not my trade always good good work Andre
Trading_Jazz PRO giovannicanu
Thanks for following Giovanni!
If you're trading Oil don't forget that it's hurricane season. The weather report just mentioned that 2 are forming.
Sold 2 short at $48.85 with a target of $44.00 and a Stop at $49.50 of the December Contract.
A break below $46.95 would indicate to me momentum to the downside and am looking to add to my position by Selling 2 additional contracts @ $46.90. The target is $44.00 with a Stop Loss at $49.50. Technically a break threw $47.40 points to $43. 95 as the next major support level.
Fundamentally this trade makes sense as well. We still have a major glut in the market, we still have anemic economic growth; and the market is currently buying speculation and will sell the FACT that neither Russia or O.P.E.C has the intent to commit to a production freeze. Even if a commitment was to appear; history tells us that both parties have difficulties honoring their commitment.
The key to this Trade is The BUCK!!. U.S. Dollar strength = commodity price weakness.
Hope this helps.
Thank you Sir! Oil should roll to a new contract. My broker already gives me a new contract, it is at 49.08 now
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