The seasonal bearish effect could come into play very soon.
There are also significant technical signs we should see some sort of correction here to the downside.
There are also significant technical signs we should see some sort of correction here to the downside.
Comment:
I'm no longer favouring a move down on Oil. It's not looking bearish anymore to me. Might be worth waiting for a break (weekly close above) of that white trendline before cutting the short position just to keep things systematic. Intuitively however I'm finding it hard to see a sell off anytime soon.
If a sell off does happen I think it will find support in the $72-76 region rather than going significantly lower.
If a sell off does happen I think it will find support in the $72-76 region rather than going significantly lower.
Trend has clearly turned bearish now, short trade is running at over 10R.
Stop loss has been trailed to break even.
Market has currently entered into a level where there has historically been a lot of reactionary moves so there is a good chance of a pullback (orange) around this area, this is what I would like to happen so I can get another high probability opportunity to enter another short position. But if it doesn't and market continues to fall there will at some point most likely be a pullback move giving the opportunity to enter another short. I will try and keep this updated as to when I am entering another short if at all.
Plan is to keep the current short running as there is no reason for market to stop me out, only looking for opportunities to go in more on the short side.