SamKent

Keeping a close eye on Oil

FX:USOIL   Crude Oil (WTI)
45 2 0
Looking at the longer term chart on the price of oil             , we can see that this current massive crash in the price of oil             is fast approaching a significant support level. This coupled with historical amount of bearish momentum is enough to communicate to us that some corrective bull wave is probable. We're not looking to buy this support level, we are however very interested in seeing how the coming weeks will fare for oil             , given it can have very significant impact on the global economy. For the purpose of trading such a bounce, we would rather short the USD/CAD             rather than long oil             itself.
LudmilaHanania
2 years ago
Or better short the USD/NOK ?
+1 Reply
SamKent LudmilaHanania
2 years ago
That is certainly a valid play, there are a great deal of viable alternatives, they key for us is to stay out of the straight up oil market itself. When looking at the weekly charts we are seeing a technical correction looming in both oil and the dxy, so we'll be looking for viable paths to capitalize on this coming correction.
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