Iran & Attractive Buying Territory in Oil
Updated
Plenty of noise in the street today ... giving large hands another opportunity to shake out shorts and offering those sharp enough cheap entries ahead of Trump confirming the US to leave the Iran deal (just over an hour from now).
=> We have posted in detail about the flows into BTC and Gold with Iran (see attached) as risk enters into the picture one more time from the political side.
=> Expecting a sharp and short lived knee jerk reaction on the confirmation, followed by a slow grind higher into the $72 handle completing our second and final target.
=> US foreign policy is threatening the future of the global economy, things are starting to look dark ahead.
=> Simple stuff from a technical perspective, we are buying the bottom of the channel with targets towards the highs. This will be the final clearing leg for all of our longer-term positioned longs as we expect exhaustion to start coming in from bulls due to the continual increases from the supply side making anything higher without a fully escalated war harder to justify.
GL
=> We have posted in detail about the flows into BTC and Gold with Iran (see attached) as risk enters into the picture one more time from the political side.
=> Expecting a sharp and short lived knee jerk reaction on the confirmation, followed by a slow grind higher into the $72 handle completing our second and final target.
=> US foreign policy is threatening the future of the global economy, things are starting to look dark ahead.
=> Simple stuff from a technical perspective, we are buying the bottom of the channel with targets towards the highs. This will be the final clearing leg for all of our longer-term positioned longs as we expect exhaustion to start coming in from bulls due to the continual increases from the supply side making anything higher without a fully escalated war harder to justify.
GL
Trade active
Note
TP1 hit!! Updates:
Entry 68.64 [check] TP1 70.00 [check] TP2 72.20 [in play]
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