First of all I wish we could have gone all in with shorts at this idea:
It seems oil has printed its intermediate bottom. It broke below the 200 daily MA but recovered very fast and started to rally. Some of us were able to enter with longs at the 200 MA. For those who are still at the sidelines I would suggest some caution here. I didn't erase my red in this chart what I set a few weeks ago. I'm quite sure that we are going to print a - or beartrapped - before the real rally starts to 60-70$.
So if you enter here - is overbought , might want to cross over - be ready that price will come to 38-39-40$ with a .
When Saudis opening their mouth oil is heading to the opposite direction next day...
Now we have to wait till tomorrow to see if they just wanted to sell into this breakout....
Are they building a bull trap now??? And we will have an undercut double bottom?
I just closed ERX. In the case oil runs away you should be in a position. Just take profit on a partial position so you can wait out the double bottom.
If there is no double bottom you still have a position at the next months and you don'T have to worry about testbacks. You will be ready to add mentally .
I made 18% on oil's turn at $39 w/ UWTI. Closed that and put in half the position pre-close yesterday on DWTI to catch some of the backslide, just liquidated and made another ~10%. Thank you
I will be waiting to get back on UWTI either Friday or monday...when do you anticipate the double bottom to conclude?