Oil is still in no man's land, seems to be forming a descending triangle, I see three possible scenarios. At this point oil is best day traded as there seems to be indecision on where this market is headed.
I posted recently the neck was broken on oil. The bears made out big! Now Bulls it looks like it is your turn. Volatility. I see $57-$58 for the bull run let's see! See my posts below to see the current Geometrical Frequency of Oil.
Oil chart doesnt look good for bulls at all, if it closes below 51 (which seems to be the "demand" line) we might see a massive sell off to last year's lows. However, seasonally oil rallies in August 70% of the time (long August 7th to 27th)
It's in "no mans land here" basically with the conflicting signals , probably safer to just daytrade it until we get a...
It appears the underlying fundamentals have hit equilibrium. The supply/demand imbalance continues to get worse as more countries post econ data supporting slowing trade. My favorite number so far this week is from Korea. The 11th largest economy in the world reported a 10% decline in exports from the previous year. Here in the US we are expecting inventories to...
Prices have gone up since June on geo political tensions between Iran and US, OPEC curbing production, and Just this week worries about tropical storm barry (possibly hurricane barry) making landfall in Louisiana. To some it looks as if we hit the bottom and are going to make a new high for the year. Before you go long, let me offer some contrarian points to give...
Charts signal a one or two day drop in oil prices. Going all or nothing on USO weekly $12 puts, only 20 contracts though.
Will flip the puts by COB tomorrow, win or lose.
Note: This is a quick flip, it may have another leg up long term. Depends on Iran, though I think both Iran and Trump are all talk with no balls.