Oil Update....
Well I will leave it up to you how you wish to manage the position but no one should balk at a 110 tick gain in oil with little to no drawdown. As a result I have taken some profits off but am going to let the rest run as I think that it is headed much lower over time which I would measure in months.
I think we have seen the top in oil for quite some time although we shall see how the week progresses.
Whenever you get BS news out like we have had around oil production cuts and all that other nonsense you can look for the commodity to do the opposite of what most traders expect. I think there will be a time to go long in Oil but that time is not at the moment. I usually try to cherry pick at least one market with potential for big moves in the week. Oil under the COT stats really wasn't at a pinnacle where I would say it was a sure sell but price action was telling me that it was pretty darn close. I suspect that what it has been doing is building longs at the top which we will likely find out this Friday at the commitment reports but by then it would be too late to enter although there will likely be some pullbacks as oil is very volatile.
I had entered around the 53.17 area when I posted last night and I had another position running at around 52.90 which you can see on there now. It would now have to move quite substantially against me to incur a heavy loss. Like 56 or 58 which I highly doubt oil is headed anywhere near there. So that would be your exit point although I doubt oil will rise any higher than 60.00 this year. My lower end targets are around 42.00 and maybe, just maybe a retest of the 2016 low?
Time will tell.
Well I'll not say I told you so but I did. Crude moved sharply down and continues to fall. I think you will see a bit of a rally over the next day or two just to get some more suckers buying the dip but I suspect we will see 45 before we see 55. Crude went over 200 ticks from my entry. Here is a little projection outlook.
I think we have seen the top in oil for quite some time although we shall see how the week progresses.
Whenever you get BS news out like we have had around oil production cuts and all that other nonsense you can look for the commodity to do the opposite of what most traders expect. I think there will be a time to go long in Oil but that time is not at the moment. I usually try to cherry pick at least one market with potential for big moves in the week. Oil under the COT stats really wasn't at a pinnacle where I would say it was a sure sell but price action was telling me that it was pretty darn close. I suspect that what it has been doing is building longs at the top which we will likely find out this Friday at the commitment reports but by then it would be too late to enter although there will likely be some pullbacks as oil is very volatile.
I had entered around the 53.17 area when I posted last night and I had another position running at around 52.90 which you can see on there now. It would now have to move quite substantially against me to incur a heavy loss. Like 56 or 58 which I highly doubt oil is headed anywhere near there. So that would be your exit point although I doubt oil will rise any higher than 60.00 this year. My lower end targets are around 42.00 and maybe, just maybe a retest of the 2016 low?
Time will tell.
Well I'll not say I told you so but I did. Crude moved sharply down and continues to fall. I think you will see a bit of a rally over the next day or two just to get some more suckers buying the dip but I suspect we will see 45 before we see 55. Crude went over 200 ticks from my entry. Here is a little projection outlook.
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