Significant sell volume has been observable in the crude market over the past few trading days.
Short term this presents an excellent swing opportunity provided that the buy volume comes back into the market as traders hope to buy cheaply and cause a small rally into the end of the week.
I am aware this completely contradicts my last idea, one must keep in mind that they are different time frames and it is not in the least bit hypocritical for a portfolio manager or institutional trader to have both longs and shorts on the same asset or class.
Hang me if you would like alongside the other analysts at Goldman, JPM, Blackrock, and Merrill with sell ratings on overbought equities.
Are you looking at that red volume bar and telling its selling Volume ? If yes then you are wrong :)
MetroBoomin
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@AvinashMudaliar, Look at my profile picture then ask that question to yourself and answer it for me ok?
No offense meant or taken.
I don't get volume data off of here. It obviously is not accurate. Get it from CME and the terminal.
AvinashMudaliar
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@MetroBoomin, It Doesn't matter where you get volume from. Even if you get correct Volume and You read that incorrectly means no good. No offence Just trying to correct you if you are reading Volumes as Buying and Selling based out of Volume bar Color.
MetroBoomin
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@AvinashMudaliar, I am showing a trend on this platform. Use it or choose not to. If not leave me alone. I don't have time for retail people.
Do you even have access to institutional order flow?
AvinashMudaliar
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@MetroBoomin, I won't be replying to your Thread now onwards. I don't really care if you are institutional Trader or Whatever. Person who simply misreads Volumes and still has a Show off that he knows everything.
You will start to google about Volumes once you get into wrong Trades.
Good Luck and God Bless!!!!
NYNick
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an overbought conditions could last for much longer than most of us are ready to keep the pose
MetroBoomin
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@NYNick, Of course it could and I believe that given the past two months, this condition has been taken by the market as an opportunity to profit off a short term swing. Each drop has been followed by an influx of buyers and an influx of buyers during consolidation. This tells me that these positions were being eaten by smart money wanting to load up before selling off again.