After being short on this asset class for the whole week, due to a bearish stance on global demand, over supply, a tremendous rally presenting over bought conditions & doubtfulness in global trade agreements, after witnessing a clean break of the ascending trend line last week I increased my position sizing, with the negative crude inventory data released yesterday and a manipulative push upwards I added an additional short at 1H resistance zone (41$). I will be scaling in further positions towards my targets providing we break the highlighted support zones.
Comment:
After a long long wait, longer than expected, oil has begun its bearish trend which I believe will stay for some time. I expect further volatility and perhaps some big spikes upwards to wipe sellers out, I will be placing sell limit orders on key resistance and descending trend formations over the next few weeks.