Self explanatory. Easy short setup here, insane reward to risk.
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Crude sell off lining up with index sell off... this could get hairy. No position on it since I am focused on equities.
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Not looking good for crude - I'd be sweating hard if I was long.
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Updated with today's price action. Quite crazy, but price is performing a pullback to the wedge support line break. I will lbe surprised if it continues going up.
Stop @29.50 or 30. Sorry newb here. Thanks for the post
PontusTrader
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@pknutzzz, I'd say 29.50 is a good area to punch out, although I would not recommend trading oil to anyone new.
jonathan.cong.nguyen
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is it still valid? its been going up a bit since .....
PontusTrader
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@JonaThan.cong.nguyen, Sure, i'd say so - still inside wedge and a very clear resistance area. The best would be to wait for it to break down or try to nab the upper wedge resistance.
pknutzzz
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@PontusTrader, Ah, thank you thank you. I am going to take a small position and use (SCO) as a proxy. Looks all clear down to 20 on the crude contracts?
jonathan.cong.nguyen
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@PontusTrader, it is at the top of the red zone now.... if it breaks then I assume it's bullish?