Looking at this area for a possible short entry- between 51.0 & 51.5. with target at 44.6; 40.0. That said the $ is looking strong and this might continue and push oil above the 51.5, if it does then wait and see approach.
Trade active
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Target area reviewed and now adjusted to the 38.5 - 36.0.
Trade active
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Shorts opened at 50.13 / 50.08
Trade active
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Stops moved to the entry point/break even. Target remains the same at 38.5.
Trade active
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Locking in profit - stop moved to 46.50. If this should close above the 44 level then i may look to close this out and take the profit. Can always re-enter the trade.
Trade closed: target reached
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Comments
ma.sanjuy
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Dear, i think Oil, if allowed to be not manipulated....would drop to below $20 levels...
pl consider the following facts:
a) if oil was really in demand, there was no need for OIL PRODUCERS, to cartelise the markets..and talk of decreasing production or freezing production. Oil is surely being fast replaced by Solar power (which is anyways the prime source of all energy).
(b) To evidence what i said above, think of the following: If all the exchanges on which Oil is traded, simply called for 100% margin coupled with PHYSICAL DELIVERY instead of CASH SETTLEMENT, oil would drop immediately to the actual price (which cannot be more than $20 per barrel).
one must think of the above fundamentals before thinking to BUY oil at the current prices. It is simply not sustainable - as it is far away from its fair pricing.
rgds/
dewpoint
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Agree, back in Feb i had placed a possible target at $20. support at $26. Trading range i see oil at is between the $40 - $64. but as you say it has the potential to go much lower.
pl consider the following facts:
a) if oil was really in demand, there was no need for OIL PRODUCERS, to cartelise the markets..and talk of decreasing production or freezing production. Oil is surely being fast replaced by Solar power (which is anyways the prime source of all energy).
(b) To evidence what i said above, think of the following: If all the exchanges on which Oil is traded, simply called for 100% margin coupled with PHYSICAL DELIVERY instead of CASH SETTLEMENT, oil would drop immediately to the actual price (which cannot be more than $20 per barrel).
one must think of the above fundamentals before thinking to BUY oil at the current prices. It is simply not sustainable - as it is far away from its fair pricing.
rgds/