USOIL: Top is probably in

FX:USOIL   CFDs on Crude Oil (WTI)
I've shorted at the price on chart, as announced at Tim West's KHL chatroom today.
Seems like the top is in for a few months, probably for the year.
We can enter short at market if not in, but keep a wide stop, or add (or wait to enter) if we hit 46.66 today.


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Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Comment: The 2nd order below is cancelled, I'll share a new order to add near today's close.
Comment: Reshorted under yesterday's open.

Brent Crude suggesting we you could get another chance to sell at higher levels.
Let's see what happens later today, I'm short for now.
Good luck!
Good news for oil bears: http://www.bloomberg.com/news/articles/2016-05-21/suncor-planning-oil-sands-re-entry-as-evacuation-order-lifted
IvanLabrie franciskim
Seems reasonable to expect a resumption of the downtrend. It was something I expected when hitting monthly resistance. It takes time to form a top after an extended trend, but the resistance is clearly acting.
It's way too early to call a yearly top in oil at this level.
And shorts are still extremely dangerous here.
IvanLabrie chartwatchers
Or maybe not.
Let's agree to disagree.
i guess you got stopped out. when it hit $49
IvanLabrie SgtHartman
Hi, no, not really. We have some support still due to the Niger Delta Avengers...It won't last long though.
The 2nd order wasn't filled, and the first is still valid.
SgtHartman IvanLabrie
The disruptions won't last long? You mention Nigerian rebels, dont you think the bigger elephant in the room to domestic wti is the fire that shut in 1 million barrels of canadian crude flowing? Don't you think when inventory from the oilsands sands shortages starts getting tallied at the hub, that will instantly create concern and add to the wti price. Oil sands travels at 7mph in the pipe, so the full effect of the fires hasn't even hit the markets? That should start showing up in about a month. I cant see going short in the next month. Too many drawdowns and shortages, never mind the potential for other international disruptions outside of those 2 big ones.
IvanLabrie SgtHartman
You're right, that won't kick in for a month at least.
I think the timing is right to short oil, but I am not suggesting go full risk off, and short equities either.
Most people are too bearish, but fail to see that we'll probably see a rally for the rest of the year after some brief correction now.
USDCAD and lumber have given good indications that oil is topped, as well as the technical chart in oil monthly.
Not the time to long more oil yet, that is clear.
Thanks for the comments, cheers!
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