Crude Oil, 240 min
I wrote (in my crude oil report two days ago) about hedge funds doubling their short term bets in oil and said: Market is trending lower which is a reason to look for low risk selling opportunities. Potential short entry levels are: 29.94, 30.72 and an area at 31.42-32.10. We are interested in shorts if market hits these levels and provides us with sell signals. The market being in the downtrend it makes sense to have both a short term target (Target 1) and a target that is a bit further away. My targets for WTI crude are: Target 1: 28.88 and Target 2: 25.20
Market rallied to $29.94 and gave us a sell signal yesterday during the European session. The T1 at $28.88 was hit three hours later while the T2 at 25.20 is still a valid target.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
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