Long USOIL for a 10%+ MOVE Long

WTI CRUDE OILTVC

Description

⋅ Feb 3, 2020 2:33 PM

It took 15 days for USOIL to lose all the gains in Q4 2019 and the price is right back at the 51 level, which was defended successfully 4 times.

⋅ Feb 4, 2020 6:03 AM

Price broke the 51 support and touched the 49 handle. That could have been a stop-loss hunt to get their long orders filled for a big move up.

Comments

kweiss

⋅ Feb 3, 2020 2:42 PM

4 times may be the charm. It may not hold this time. The virus news is making markets panic a lot

Mart_Rosenfeldt

⋅ Feb 3, 2020 5:40 PM

@kweiss, this is a huge overreaction. All CB-s are still printing and China is injecting liquidity. Only a matter of time before OIL is back at $60.