Oil looking bearish again.This idea works off a forecast that oil will continue bearish. I feel it's time to buy SCO and put a stop near $43. I feel the July 5th large bear candle is a reversal to begin a new trek downwards.
I also think oil should eventually go into the high 30's before ending it's bear run, but I'm only targeting a retest of last bottom near $42 oil ($52ish for SCO) for now.
SCO looks bullish on the hourly near closing for Thursday 7/6. 7/5 candle was very strong and I feel this bear run will be forceful (quick) to retest the old resistance.
Bull oil over the 50 SMA breaks this idea. Always have a stop loss or you'll be on the wrong side of the trade.
