The WTI has had a quick rally after touching levels of $58.22 on February 14. Looking at how swiftly the rally has taken place, that too without a significant correction, it is quite possible that it can reverse its direction from here or go on a sideway move. The ADX is showing signs of reversal here and the charts on lower-time frame are indicating that bulls are getting exhausted. However, this is a counter-trend and highly risky trade so buliding a sizeable short position is not advised. One can try a small short here at $63.82 level, with a s/l at $64.20. Will again like to reiterate, this is a high-risk trade.
Trade closed: target reached:
The trade worked, now crude seems to be taking some support at the lower trendline so closing of short advised.
Points made - 6382-6294 = 88
Total points till now = 88
Points made - 6382-6294 = 88
Total points till now = 88