The last time I discussed Crude Oil, “Crude Oil – Is $41 in the cards for June?” I explained a Strategy in which I would sell the $49 – $50.50. Although Oil surpassed my upside target of $50.50 a bit, reaching $52, I was able to make several profitable trades.
This is how I traded Oil over the last couple of days:
- I sold several positions in the $49-52 area
- I closed 50% of these short positions on Thursday, when Oil tanked by 5%.
My current strategy is to add sell positions Oil in the $49-$52 area for a retest of at least $44 and maybe $41 during the month of June.
Crude Oil Daily Chart
Crude Oil is forming Lower Highs and Lower Lows since the beginning of 2017 and The Weekly Trend Indicator stays on a Sell if price is not able to close above $54.53.
Currently, Oil is at resistance from the green trendchannel @ $50. For now, I’m bearish on Oil (add on strength, close on weakness) but I will look for long positions in Oil related assets if price comes down to at least $44 over the next couple of weeks/months and the candle sticks show bullish reversal patterns (hammers or bullish engulfings).
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a brief selection of Top Traders @ eToro
I selected the traders that returned > 100% over the last 24 months and a risk score < 7.
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