Crude oil looking to correct again...
Updated
EIA data had another massive build in inventories... Coupled with this crude oil is near relative highs and in a larger corrective structure... I opened a short position against the most recent high around $58... Targets are not yet clear but I will keep this post updated as price action indicates potential exits...
I encourage comments and constructive criticism! Be sure to leave a like and follow!
I encourage comments and constructive criticism! Be sure to leave a like and follow!
Note
Also just noticed a double top in RSI... Could not break into overbought adding to the idea that we will not see another high in the short term...Note
Pretty substantial bounce due to China relations... Short is still in play as my stop loss is at the high... Corrective structure has not been invalidated...Note
Marginal higher high, normally I would honor the stop loss but I had a decent entry so I'm willing to let price ride a little higher. Possible blow off top before more downside... Would line up with equities idea...A substantial impulse move up would have me exit the trade at a loss...Note
Triple top in RSI... A break into overbought will have me exit the trade...Order cancelled
Exited at a small profit this morning... Tons of back and forth movement indicating a larger move is on the horizon... My thought is still downwards for oil but I swapped over to an SP500 short as I believe the move will be more substantial there... stop at all time high...
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