Of course it is. Supply and demand are out the window with oil. Forget fundamentals. It's politics and business as opaque as can be and our only friend is the chart.
Open 3 positions or more for the two main targets with additional positions for a continuation. Move stops to protect positions once price has cleared them.
Good Luck!
Comments
HexVex
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Shorted again at the 100DMA. Fingers crossed...
HexVex
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Stopped out of this one :( 53.20 appears to be the next resistance
See related idea.
HexVex
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51.55 is the top of the channel. Entered a short herewith very tight stop loss.
HexVex
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Prepare to sell at the top of the channel.... ref last chart posted
HexVex
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Taking profit for 1st target.
HexVex
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HexVex
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Saudi airtrikes on Houthi positions in Yemen seems to be the reason given for this vicious spike up. I lost one position and couldn't add a short to it at the top of the spike as I've been ill in bed.
There has been talk of the GCC intervening in Yemen for a while now. I suspect this is a knee jerk reaction to the headline and not based a well rounded analysis of the situation in the region. Unless Saud's own Shia begin an uprising in support of their Houthi cousins or the younger generation of princes stage a coup against their octogenarian brothers there is no threat to this country who imports more sophisticated arms and know how than just about anyone else earth.