Looking at Supply level on the D chart. Only 15 hours left in the contract. OTM (Out of the Money) short position. Risk is 36 to make 64 per contract.
Summer across the board, making all kinds of fake moves possible. Oil is not an exception, having hard times deciding what to do next. Time to focus on a big picture. It looks like on Tuesday, August 1st folks were reestablishing their short positions, which were closed at the end of the month, the day before. Hopefully it was a "technical" move and we will...
Buy crude oil, sell the 3:2:1 crack spread. The hard part is the ratio you should use.
Crude may bounce if a probe below yesterday's low will fail to follow through Bullish Butterfly Pattern in December Crude contract: 1.27*XA @ 42.85 2*BC Projection @ 42.90 1.27*AB=CD @ 42.98 <- Structure on the left Primary targets @ 48.83 & 52.50