Crude oil looking weak

Sep 23, 2019

Oil broke through a key support level and indicates more downside... I took a half short position... Stop loss is most recent high at $59.55... Will add another 1/2 on break of $57.32 or right before inventory numbers on Wednesday if price doesn't break stop... expecting a surplus... This is all still considered consolidation before the larger move downwards to my red target line... Equities are likely to drop in tandem...

Sep 23, 2019

Note

Price action could very well continue slightly up but ultimately should drop on inventory report

Sep 24, 2019

Note

Follow through today as equities fell in tandem... inventory numbers tomorrow could push oil down to my target... would not be surprised if there is a relief rally along with equities that will ultimately fall and lead lower

Sep 25, 2019

Note

No surprise, huge surplus in inventories... expecting this to feed into prices soon... downside target is still the red line of the chart...

Sep 25, 2019

Note

New stop loss has been moved to $57... A break of this level could indicate further upside... likely followed by another downside correction...

Sep 26, 2019

Trade closed manually

Got out of crude oil this morning for a nice 4% profit... high probability oil continues lower... I plan on accumulating more capital towards shorting equities and buying digital assets...