Will WTI follow Natty into the basement?
Updated
Is WTI going to suffer the same fate as Natural Gas ? Endearingly referred to as Natty ? Well the good ship Natty got REKT last week. The long side which was overcrowded, overleveraged caught the "to da moon" bagholders off guard . Stunned whilst spitting out the kool aid they were seen gasping for air when the dead cat bounce rocked the boat ., Natty was batterred and was last seen heading into shallow water dangerously close to the rocks . Choppy water ahead alert the marine units.
The setup on CL very same chart right before the dump so spread out grab your umbrellas !!!
The trade : Let price action have the final say on your entry get the best price you can very important! Patience pays when shorting! Monday may get some purchasing for the week early on so shorts may get pinched a bit before any ride either way. Wednesday the EIA inventory numbers are relesed at 10:30 EST. OPEC meeting also this week I believe so expect volatility. Sell 83.60 & higher use stops longer time frames target 59.50 might be best move of the year if it goes. Record or near record inventory build over the last month so stay tuned! Not a trade recommendation or a reccomendation to buy or sell securites of any kind.
The setup on CL very same chart right before the dump so spread out grab your umbrellas !!!
The trade : Let price action have the final say on your entry get the best price you can very important! Patience pays when shorting! Monday may get some purchasing for the week early on so shorts may get pinched a bit before any ride either way. Wednesday the EIA inventory numbers are relesed at 10:30 EST. OPEC meeting also this week I believe so expect volatility. Sell 83.60 & higher use stops longer time frames target 59.50 might be best move of the year if it goes. Record or near record inventory build over the last month so stay tuned! Not a trade recommendation or a reccomendation to buy or sell securites of any kind.
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