Might make a spike towards $50, but regardless this is a good place to start shorting or to buy out-of-the-money puts for August 2016 at around 45-47.
I'm not too bothered about not having a stop loss on my DWTI and CL options here...
Oil isn't going anywhere..
oilprice.com/Energy/Energy-General/As-Net-Long-Positions-Near-Records-Is-The-Oil-Rally-Overdone.html
bloomberg.com/news/articles/2016-05-17/venezuela-offers-discounted-oil-in-battle-for-u-s-refineries
I'm not too bothered about not having a stop loss on my DWTI and CL options here...
Oil isn't going anywhere..
- Net long position near record highs
- Weakening Chinese demand
- Short squeeze is done
- Frackers aren't dead yet, the battle for marketshare between Saudi, US, and Russia continues.
- Is Dennis Gartman finally bullish of oil? LOL
- Most importantly, mainstream media collectively are now bullish of oil despite the fact that fundamentals have not changed. The only thing that's changed is the sentiment of the market participants
oilprice.com/Energy/Energy-General/As-Net-Long-Positions-Near-Records-Is-The-Oil-Rally-Overdone.html
bloomberg.com/news/articles/2016-05-17/venezuela-offers-discounted-oil-in-battle-for-u-s-refineries
Note
USDCAD and the inverse of oil price decoupling... let's see how long this could go on..
Trade is still active.
Note
RSI broken down on the daily
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.
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.