Short Crude at current levels and enjoy profit $$$$$
CL made a new low in the March contract. The continuous contract is within a few ticks. Regardless of what contract you are trading CL is still weak and standing in front of this train wreck is bad for your account. We will stand aside until we see the first sign of upside volume then we will place it on the watch list. Watch more on our Weekly Video Update: youtu.be
Brent oil falling deeper soon. Beware of risk.
I think there is further room to go down, though if we see the coming week ends positive gains, we will take a position to buy with a $20 target profit. If you are interested for the Alpha Generator to buy crude oil on your behalf and manage those positions, please feel free to message me josh@thealphagenerator.com. We estimate a profit of 75% to 100% within 1 year.
This is my view on what the future of Brent will look like. Short term - I do believe we cannot go under 50$/barrel. Shale will collapse and the price will be brought up very quickly. Long term - there is a strong bullish trend and we are just about to begin wave 3. Wave 1: Demand grows, supply grows. Wave 3: Demand grows, supply stagnates. Wave 5: Demand slows...
Expecting a nice bounce off here in the next few days. Let see what news gets released or which oil nation gets attacked by ISIS.
What to say! Chart is worth more than 1k words :)