#OIL: Monthly trend active...daily trend is down

The daily down trend signal that triggered today indicates we might get a retracement in the existing monthly uptrend in $WTICOUSD. Oil futures would be a great buy once the current fall slows down and reverses, so I'll keep my eyes wide open waiting for cues to go long into monthly support (see the green arc area).
Upside over the long term is huge, so, it is of paramount importance to rejoin this trend when safe.
Best of luck!

Cheers,

Ivan.

Trade active:

I'm long $TPL and $OXY as proxies here, looking to buy futures, but not yet in. The last down trend signal that fired is failing potentially, keeping an eye on it.

Comment:

Time to scoop some oil.

Comment:

Off to a good start, the $PFE drug news help my bullish thesis here, reflation and reopening momentum building up.

Comment:

This signal is close to invalidation, lock downs re emerging in Europe poured some cold water on the trade, among other things (like talk of tapping the SPR and rising $DXY).

A short signal kicked in the daily, on Wednesday. If it hits the monthly stop level this trade is taken out. I'm still in my bull call spread long term, but will exit if that happens.

Trade closed: stop reached