We have the major double top that's been in play since last week accompanied by the minor double top formed by Tuesday's trade. Three major wicks also present on the daily chart, all suggesting a sell off...which we haven't gotten yet. But I do think it's coming so trying to short at good levels in hopes of catching a fantastic runner. 53.00-53.25 might be the...
Last week the short trade was the crowded trade, therefore we rallied. This week is beginning, in the short term at least, with perhaps the long trade being the crowded trade, therefore we might actually sell off. The double top is still in play but under pressure. It's all about the Dollar, but I still want to sell it to ideally catch a solid runner to the downside.
Impressive recovery by crude this week. Great opportunities playing both side this week but the long plays paid out the best. Today though I think the short play will be the victor. 53.25-53.50 is an area I'm looking to short. If yesterday's high can't be taken out I bet we see some solid selling pressure come in to close out the week.
Bulls got a nice bounce from that intersection level and definitely won the day trade on Wednesday. Despite the bottom found, followed by the pop, I'm still viewing the double top as the boss. Therefore I'm still inclined to sell rallies. 53.00-53.25 will be an area of interest for me to sell.
Double Top still dictating the show and 50.00 is where it wants to go. The circled base build up is a bit concerning for the bears but my bet would be that trend line doesn't hold. Once broken, 50.00 should come sooner rather than later.
Double Top + Rounding Top = Depleting Saudi Arabian bank accounts.
Playing the short side has been paying out the best interest. The support at 50.00 isn't even a super attractive level to long but I think a short term long play might actually work because:
- Prices have basically dropped $4.00 in 48 hours
- 50.00 is old resistance
- 50.00 is a psychological...
Same story today for me...Double Top running the show. Looking to sell pops to play the short game swing...or playing long scalps in attempts to catch runners. Some support 51.00-51.25 but 50.00 is the downside target.
Double top is still what I perceive running the show. I like playing from the short side (despite being long currently hoping to catch a runner). I hope for a pop so I can sell at a more lucrative level, somewhere between 53.50-54.00 depending on how things line up.
Mind your channel and trendlines. Money to be made in both directions. Bounce off the lower channel trendline can cause some damage if it gains momentum. But at the same time that double top is still running the show. Taking calculated risks here w/ hopes of catching runners.
The double top is still the headliner here that I have my attention focused on, although support has been found at a suitable area. Yesterday's pop is trying to gain more traction but I'd like to take a shot at a short somewhere around 53.50-53.75, maybe sooner, depending on how things line up.
Double top followed by nasty sell off yesterday. The level where it found support is along old down trend and minor uptrend intersection. Level has a chance of holding but if not, then I can easily see another vicious red candle possibility like yesterday. Selling rallies or buying a bigger selloff will be my play today.
Nice bounce off the previous downtrend to propel over a $1.00 rally. I'm currently short inside the wick with my stop at B/E. The chart suggests resistance at 55.25-55.50 so I'll be looking to play from the short side, but safely, in this area.