NOTE THAT I AM PAPER TRADING FOR EXPERIENCE
Third times a charm after 2 losses.
I think it is in an upward wedge that had surprised me by continuing to go up.
I see a short term short right now as it bounces off the upper bound of the wedge, and turns down from RSI of 80.
Longer term I see a bigger opportunity if it breaks through the lower bound of the wedge, possibly this wont happen until we hit $50 resistance. Analysts are predicting a range bound 40-50 $ oil price for the latter half of the year - this could be the set up for that?
For now:
Paper trade, short @48.20, tight stop loss at 0.5% (48.44). Sell when low bound of wedge reached.
Third times a charm after 2 losses.
I think it is in an upward wedge that had surprised me by continuing to go up.
I see a short term short right now as it bounces off the upper bound of the wedge, and turns down from RSI of 80.
Longer term I see a bigger opportunity if it breaks through the lower bound of the wedge, possibly this wont happen until we hit $50 resistance. Analysts are predicting a range bound 40-50 $ oil price for the latter half of the year - this could be the set up for that?
For now:
Paper trade, short @48.20, tight stop loss at 0.5% (48.44). Sell when low bound of wedge reached.
Comment:
lost again @48.43 stop loss. going to wait for a clearer signal as mentioned above. Believe this rally is close to breaking down.