Another Short-Term Sell Signal for Oil

This signal has been pretty consistent for me. I haven't played it each time, but it's made money when I have. The stochastic has crossed again... I am STRONG short at $64. The drop to $62.9 was tempting and I thought about closing, but have held on since I'm up for now... I believe the record COT long positioning is a contributing factor to the slide i'm expecting. I expect Rig Count #'s to stay strong (was disappointed just now with the small drop). A LOT of maintenance in refineries has been deferred and will be conducted over next 6 weeks.

I believe we will get to $61 BEFORE CONTINUING THE OVERALL BULL TREND UP. I'm looking to cover my short anywhere $61.5-62 depending on strength of mover and prevailing market situation.

Bottom line, I'm Strong Short and looking to cover what might be my biggest trade yet! Only major outbreak of middle east violence or tangible sign of venezuelan collapse will pivot my short term thinking.

Trade chiuso: obiettivo raggiunto:

First to admit that this was a week early and i took a major hit, but it eventually turned and I got the huge drop that I was looking for. Major Profits after adding more at the $66 top.