ridethepig | Energy Overbought

TVC:USOIL   CFDs on WTI Crude Oil
A good time to update the Oil chart after the OPEC desperation leg. Those following the previously posted long-term macro chart will remember the breakout we have been tracking:

On the demand side, manufacturing remains sluggish and we are again outguessing signs of the effects on the demand side. Equities wont be able to hold Oil up for too much longer, this is starting to look clearer by the day with only one direction for Oil in the long-term.

For the flows I continue to sell rallies, this works nicely as a hedge versus the USD devaluation / reflationary theme for 1H20. A major breakdown here will cause for a reassessment of the USDCAD macro map for 2020.

Remember we traded some of the swing highs previously to the tick:

Overall, I see the case for meaningful Oil weakness in 2020, but if we get significant USD devaluation - maintaining longs will require patience and tolerance. Difficult to trade, for sure, but I still feel the bigger Oil risk lies to the downside. Thanks for keeping the support coming with likes, comments and etc.

Good luck all those selling rallies in Oil .
Comment: Weekly looks very interesting..
Comment: Updates needed here after the worrying US-Iran news.
Comment: Eyes on the breakdown here guys, we might get a very fast leg towards 46.
Comment: Tracking closely the lows...
Comment: USDCAD
Comment: Tracking closely the 27.5x ...if sellers hammer again we can sweep the $20 lows
Comment: USDCAD with a full retrace as expected
Trade closed: target reached
Comment: Lol...

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Nicely done.
haha master call. @ridethepig - the crystal ball owner ;)
Nice one!! Great call.
The Best.
Yes, you are the Best Mate :)))
this one is going good!
As I understan Oil make breakout support zone?
sir ( buy sell) signal ke liye kuchh
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