The selling won’t be finished until we reach $50-$47 USOIL.
A selloff to $51 USOIL coincides with about $32 OILD
If we go below that, towards 50, towards 47, we could see $35+ OILD.
For those of you who happen to see this, I’m legitimately curious, how many of you saw this selloff in USOIL coming at $66??
What I’m doing:
Buy: anything below $28 really. 26 is...
Record long net spec oils and climactic selling into support and previous gap. (Not sure how that was there.. Clue? at 24.50) Oil overbought and torched.