Oil In March 2019
Well, I am now short oil. This is in relation to where oil has moved to which is around the 58 dollar level. Too high. Too quickly.
I expect it to fall back toward the 50 mark from here. This is the area I would short. It is the area where your risk is the lowest compared to the amount of reward you might get from this area.
I would look for your stop to be around the 65 area from here. If oil moves past here I would look to go short again but I doubt it will reach this mark. This is roughly the 50 percent fibonacci retracement from the fall from 76 that recently happened. At 60 dollars a barrel, it would be exactly at the 50 % mark.
So, could it go higher? Sure it could but it has been only hickuping at this level higher to take out stops and to keep traders honest. I would be surprised to see anything above 65 from here.
So if you are with me go short and hold for a couple of weeks. Hope you enjoy it and enjoy my accuracy.
I expect it to fall back toward the 50 mark from here. This is the area I would short. It is the area where your risk is the lowest compared to the amount of reward you might get from this area.
I would look for your stop to be around the 65 area from here. If oil moves past here I would look to go short again but I doubt it will reach this mark. This is roughly the 50 percent fibonacci retracement from the fall from 76 that recently happened. At 60 dollars a barrel, it would be exactly at the 50 % mark.
So, could it go higher? Sure it could but it has been only hickuping at this level higher to take out stops and to keep traders honest. I would be surprised to see anything above 65 from here.
So if you are with me go short and hold for a couple of weeks. Hope you enjoy it and enjoy my accuracy.
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