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Oil Supply - Continuous Chart - Supply Level
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With a solid break below 53.30 on the April chart (see Oil - April Chart) I have an entry level for short positions here on the continuous chart. Following an increase in rate hike sentiment last week, oil not only broke down below the fast upthrust on Wednesday, it followed up by break hard below the upper supply level (53.51-53.89); I am now looking at 53.51 as strong resistance and am currently short looking to add short entries (shorts active at current price) at the 53.2-53.51 level, targeting the Last Point of Demand TP1 at 51.70 and then the range Preliminary Supply level TP2 at 50.91. The bear in me believes prices will test the base demand level if oil reports are bearish this week and rate hike volatility increases. But I'll reassess and publish another chart if TP2 is hit.
Short Entry: Active: 53.20-53.51
TP1: 51.70
TP2: 50.91
Good trading all!
Short Entry: Active: 53.20-53.51
TP1: 51.70
TP2: 50.91
Good trading all!
Nota
Target 2 reached; If you are still short I am looking for much deeper targets heading into FOMC and post FOMC next week. I will try to put together a new entry level chart for shorts after today's close but new short entries after a day like today can be very daunting; good trading all! New entry level to come; however, this is my 8 week view:
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