Fundamentals: Yesterday was a fantastic day for oil due to Trump's comments. But no immidiate action yet. Remember Giants like Exxon,Chevron actually do not want a bailout for oil companies yet, because they have a great opportunity to buy-out bankrupt shale producers for peanuts.
TA: MACD and Volumes on the 1hour chart signal the start of selling activity. @28$/bbl RSI was approx. 70 so close to overbought.
1day, 1week charts tell a different story though.
Still not a perfect trade, but it can be profitable too so that is why my position is 5% of my cash. If USOIL breaches @ 28.90$ there are more opportunities ahead.
Horizon: 1 day
TA: MACD and Volumes on the 1hour chart signal the start of selling activity. @28$/bbl RSI was approx. 70 so close to overbought.
1day, 1week charts tell a different story though.
Still not a perfect trade, but it can be profitable too so that is why my position is 5% of my cash. If USOIL breaches @ 28.90$ there are more opportunities ahead.
Horizon: 1 day
Trade closed: target reached:
TP breached @23.28
