Our overview: Definitely OPEC+ policy disappoint the market. The Cot report released Friday, referring to data until the previous Tuesday, then few day before the OPEC+ meeting, highlighted that the commercial barely increased(1%) their net long positions in options, reverting the trend of the previous report. Furthermore, a news from 'businessinsider.com' say "Saudi Arabia could 'flush' the oil market with a flood of supply to regain control over prices in the face of rising US production. All this might push the market toward more weakness and negativity. In the overnight session price retraced getting closer to the support area @$73.00.
Technical signals: RSI negative and Stochastic negative in oversold area.
Trends analysis: Primary(purple): downward impulsive structure wave 5, intermediate(green): corrective structure wave A, minor(yellow): corrective structure wave C.
Our current strategy: Strictly Neutral, following the market.
Our current position's risk profile @$73.38: delta 0.052, gamma 0.216 Hedging point: not set
Targets
$76.50
$75.00
$74.20
$73.00
$72.40
$71.80
Technical signals: RSI negative and Stochastic negative in oversold area.
Trends analysis: Primary(purple): downward impulsive structure wave 5, intermediate(green): corrective structure wave A, minor(yellow): corrective structure wave C.
Our current strategy: Strictly Neutral, following the market.
Our current position's risk profile @$73.38: delta 0.052, gamma 0.216 Hedging point: not set
Targets
$76.50
$75.00
$74.20
$73.00
$72.40
$71.80
Delta Zero team.
