simonsays452

Look to lighten up on Oil shorts for today

FX:USOIL   Crude Oil (WTI)
295 2 3
That bearish trendline has done a good job at keeping a lid on any buying impulses recently. Yesterday, we saw a strong rejection at this resistance. Overnight and this morning, we're seeing some consolidation right below the $31 level. We could see a bullish breach when pit trading opens at 9am. Today is an oil             futures options expiration day. These are typically bullish days for crude. $30 puts expiring at 2:30pm have massive open interest @ 13.3k contracts. I find it unlikely to think dealers won't be strongly supporting the front month contract above that $30 level. Given all of this, I'd lighten up on the short here and look to catch a bounce higher for more attractive levels levels to add to your short position.
AshYo
10 months ago
NIce analysis!
Reply
AshYo
10 months ago
where is it heading as an exit?
Reply
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