codypd
Short

USOIL may breakdown from channel. "Panic" condition.

FX:USOIL   Crude Oil (WTI)
563 1 7
I don't like to use the word "panic" much like I don't like to use "crash" since both rarely happen.

But mini-panics do happen quite a lot - where price just can't find a footing and sell orders multiply.

Look at the downward pressure on the channel here on USOIL's 4hr chart. Notice the following:

+ price under 36 has no support until the 34.40s
+ that gap was passed through on the climb from Feb 11 on an unlikely pop out of a rising wedge (so many shorts were playing that wedge - including me - that they fueled that pop through the 35s
+ the LRS-RSI is in a 'up' cycle (white background) and may just pass into a 'down' with a few more ticks, showing the complete lack of buying support since the high wick blowoff black candle in the 39s.

None of this is definitive - price will reveal itself very soon. But I am holding my shorts and won't be shocked with a print in the 34s in the next 12 hours. Then again, that's how counter trend rallies are created .. with fuel provided by guys like me. Trade Safe.
Fabby PRO
8 months ago
36.50 is Key,

If it stays below this before NYSE open. There will be some bit of sell off...
Hedge funds are starting to increase their short bets again but this time they have even more ammo from taking profit from last time.
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