Hopeless black gold.

FX:USOIL   CFDs on Crude Oil (WTI)
There we go. A failure to rally above 62 led to an utter devastation, sliding below $50/brl within days scattering the hopes of bulls of a repeat of 2009 V-shape recovery.
54 was an important support level which unfortunately failed to even hold. It is now a significant resistance.

Entry: 52.6
S/L: 55.39
T/P: 37~39

With other industrial commodities like Steel per tonne sliding below the price of cabbage per tonne I doubt oil             will be 'any different' this time. Economical condition is worsening.
What about Iran's oil             that's about to flood the market?





Oil Monthky:
Closed short. Getting ridiculously oversold here, overdue for bounce to 51 before more doom.

+1 Reply

and again... tight stops could be placed here ;) I'm still with the bearish bets, despite huge drawdown in oil this week.
LastBattle LastBattle

Adding more shorts on opening today.

continuation of the trend,... est. 2 days
I hope you kept your short when u posted the idea of the last tap...
LastBattle Yahia.Awes
yes, closed at 54 though.... didn't expect it to dump straight into 50s :(
Yahia.Awes LastBattle
:O at least you made $$$ :D
LastBattle Yahia.Awes
Just took profit here.
I will re-short later :) The trend is weakening, I suppose it may retest 51 once more.
Yahia.Awes LastBattle
Where did you enter then?
Yahia.Awes Yahia.Awes
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