flyinkiwi10
Short

WTI Crude to sub $32

TVC:USOIL   CFDs on WTI Crude Oil
Hi, thanks for viewing.

This is my general expectation for crude based off EW.

The red box is an area of strong resistance at around $66 - 63. The blue box is where I hope to close out my short.

Yes, I am aware that there are a low of factors in the background that could change this view in a hurry.

- Bear in mind that last two weeks ago news was saying that stockpiles in the US were at all time highs, with supply high.
- 1 week ago, that US stockpiles had reduced by record amounts amid middle east tensions,
- later in the week, USD70 a barrel was expected in 2019,
- and then just before the markets closed on Friday; crude supply strong and stockpiles rebounded and the price dropped dramatically.

The middle east situation is potentially very serious; either there is a state of proxy state actor up to no good (I don't necessarily think it is who we are told it is). But things seem to have calmed down a bit lately. I just traded the chart as I saw it, not as we were told to see it. Consider who is feeding the media with the news and why. It is never to help you.

Personally, I would find it very difficult to have watched the dramatically steep price declines between Oct and xmas 2018 and to then, a few months later, think that the supply and demand is materially different given global expectations of slowing global growth, manufacturing output, vehicle sales etc to enable a 180 switch from strongly bearish to bullish .

Dammit, this was supposed to be a quick post. Anyway, that is my view, let;s see how it turns out. The two red dashed lines are my short orders. See me stopped out for break even, or close out below $35.
Spot on with today's $3 drop. Awesome trade.
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right on track - the china news pushed oil and SP slightly higher but no follow through. $60.3 to $63 is my entry range and a target to below $50. Good risk/reward. As always, thanks for the post and sharing your ideas.
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I see hard work in this post. Keep it up, @flyinkiwi10
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flyinkiwi10 Bullandbeartrading
@Bullandbeartrading, Thanks, I kept at it, re-entered short.
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Great, keep it up mate :)
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flyinkiwi10 DACapitalTrading
@DACapitalTrading, Ah, it didn't work out lol.
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