My trading Idea here is to catch the upward bounce and then to short the trade.
First
My entry for a call is short term based +- to 5 August
Call Entry 67.85
Close Trade at 70.00
Then
Short 70.00
Downward target $62.00
Crude Oil is at Support. Though we see a Rejection at the Support the current strength of Trend is more to the negative side.
We got the Kumo Breakout and Market has already broken second bearish fractal which shows the signs of bearishness.
Based Elements theory the Trend is biased based on TK Cross.
So though Crude is at Support right now. I expect it to...
On a fundamental basis, I am short USOIL long term since I believe a higher price will only incentivize higher production which will lead to higher inventories and therefore lower price, with price balancing out over the long term near the marginal cost of production for shale producers which is around 40-45 per barrel.
On market sentiment basis, I see the...
Approached trend line and sitting at resistance line.
Looking for a quick short when the price retrace.
Even though the rally movement seems strong but the retracement should happen shortly.
This is just my own analysis, please do your own analysis and trade at your own risk.
