short term WTI purchase ahead of OPEC
As crude extends it's longest losing streak in...umm forever, there is an opportunity for a super speccy long trade here.
WTI was trading above $76.00 just one short month ago on perceived supply worries. We have now gone a full 180 degrees as this weeks production data now pus the emphasis firmly on talk of oversupply.
We have now tested 50% retracement from year highs, last at $59.78 and are witnessing the biggest losing streak in the contracts history (10 consecutive down days)
My reccomendation is to buy here $59.60 with a stop at $58.90, take profit on todays close in anticipation of short covering coming into this weekends OPEC meeting.
Happy Hunting
WTI was trading above $76.00 just one short month ago on perceived supply worries. We have now gone a full 180 degrees as this weeks production data now pus the emphasis firmly on talk of oversupply.
We have now tested 50% retracement from year highs, last at $59.78 and are witnessing the biggest losing streak in the contracts history (10 consecutive down days)
My reccomendation is to buy here $59.60 with a stop at $58.90, take profit on todays close in anticipation of short covering coming into this weekends OPEC meeting.
Happy Hunting
Trade closed: target reached:
Im not a greedy nor a proud man...I will take 1% in an hour every time.