jnoelc
Short

USOIL Short

FX:USOIL   Crude Oil (WTI)
54 0 4
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.
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.
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