mortdiggiddy
Short

2:1 Oil Short to Month Pivot

FX:USOIL   CFDs on Crude Oil (WTI)
Looks like it could be topping out here. Looking for 2.00 profit on 1.00 risk. $USO $UWT $SPY $XLE
Comment: Longer term... noticed where we bounced... backtest of the giant H/S rail (white line).
Another day another dollar.
Crude is going to plummet. No one is showing the huge recession underway in China, Korea, India, Indonesia, the Middle East, etc. Just travelled through them. China is NOT looking as dynamic as even a year ago. A LOT quite. No one is buying anything, everyone is saving what they can...

A huge glut of crude is accumulating. All the Saudi's and Opec are doing with their production cuts is going down to the level of the market - and no where near enough...
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