Short

Clean Short Swing - Oil Daily

Updated

Today oil gave up all its gains from yesterday, which is a key signal that more pain is coming (albeit short term). I see two sets of bearish RSI divergence points after today (one longer term and the other short). All signs are here for a clean short swing in oil. I will be starting a short position tomorrow (unless of a massive drop overnight), and will set my first target at the 48-ish area and a stop a little over the 52 mark. I will update tomorrow evening. GL!

Note

So I started my short position at the 50.60-ish mark today. A lot of choppiness with oil and I wasn't too sure who was playing who. Maybe the massive DDoS attack today was too blame. Target remains the same as the OP, and I have set a stop-loss at the 52.15 mark, although I may tweak it depending on Monday's action.

Note

Bittersweet day for both sides. Trading plan still remains the same although I will reevaluate the stop-loss after tonight's action. today's daily candle isn't the most inspiring for shorts to be honest but the bearish indicators are still very much obvious.

Note

Nice comeback for the bears today. Tomorrow's inventory will be interesting to say the least. 49.17 level is key for both sides. GL

Trade closed: stop reached

I ended up getting stopped out this morning @ 49.90 after the inventory report. Unfortunate but I'll take the gains and reevaluate later.

xsubtownerx

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.