Contra View on Oil
Updated
From the technical perspective, oil is at the cusp of respecting the major level which also acts a resistance along with the golden ratio. However, on a longer time frame, we could also see a big short coming. Time to build structural short positions in Oil.
Also, its a pain trade because April is seasonally Bullish for Oil. Hence, if we see this level is respected then, we can enter a short on a monthly timeframe.
For now, Short is the bias. Opec production numbers are coming on 10th April`2019. That could be the catalyst to determine the further moves.
Also, its a pain trade because April is seasonally Bullish for Oil. Hence, if we see this level is respected then, we can enter a short on a monthly timeframe.
For now, Short is the bias. Opec production numbers are coming on 10th April`2019. That could be the catalyst to determine the further moves.
Trade active
Shorted first tranche @ 64.50
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