Good day folks,
I think we could see a bounce in the oil futures. Attacks on tanker, G20 summit, OPEC, etc. this could move the market in the short term.
The VI is rising and so is the RSI.
My target is 12.00, then we'll see.
There's not much room left to trade in this range for "quick" trades. We can hit one last one with 2:1 risk/reward.
I have been opening a half short position at the top of the range after closing out the long to profit as much as possible off this pattern.
Looking at past summers and this wedge I can be optimistic for a big move.
The trade: as mentioned before, short term we can sell puts because our mission is to get a long position. For the quick play, a long position with stops below the wedge for the short term continuation of the trend. Range is getting tight so I won't be betting the farm until there's a clean break with confirmation of a new trend.