As per the last Tweet on Oil a day or two ago, imo OIL is set up nicely for a potentially large bearish move. Short 69.50 with stop at 70.50 looking for minimum move to $63 and maybe a lot lower in coming weeks.
twitter.com/Flash430.../1026408980917243904
twitter.com/Flash430.../1026408980917243904
Trade active:
Oil now testing important support zone around $ 66 give or take 50c.
Decisively below here then we should get accelerated selling.
Decisively below here then we should get accelerated selling.
Comment:
The ability of WTI to bounce from the lows on Friday suggests a possibility of a b wave (of wave ii) low with a subsequent rebound to above $70 to sqeeze weak shorts again before a bigger sell off resumes. Still short but prepared for some potential pain/squeeze very short term.