Terrible Week for $USOIL, Halliburton ($HAL) Re-signals Plan
After a quick spike over 16/s, Halliburton has sunk all week and may dip even below 14/s if this current trend continues to accelerate. Many chose to dump after the rapid ascent to 16, and that sell-point makes plenty of sense as a short term play (especially now!). However, the original hope for a 22/s sell-point was projected not until the Christmas to early 2021 range. That now, again, looks far more accurate with $HAL really stalling out and dropping this week.
This mostly is to say the original sell window was re-confirmed, despite some bulls indicating both in posts and the comment sections (here, of mine) that a 4th Q open would see $USOIL between 60 and 70 per barrel. That seems at least somewhat unlikely at this point, though the operation of many states has advanced past "Phase 1" COVID re-openings so the time-scale still...largely depends on HUMAN BEHAVIOR.
Many opportunities to re-position on $HAL and other oil stocks will be in play over the span that oil continues to struggle.
Happy Trading!
This mostly is to say the original sell window was re-confirmed, despite some bulls indicating both in posts and the comment sections (here, of mine) that a 4th Q open would see $USOIL between 60 and 70 per barrel. That seems at least somewhat unlikely at this point, though the operation of many states has advanced past "Phase 1" COVID re-openings so the time-scale still...largely depends on HUMAN BEHAVIOR.
Many opportunities to re-position on $HAL and other oil stocks will be in play over the span that oil continues to struggle.
Happy Trading!
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Note: This is a position entered MAR 20 @ 5.11/share. The stop-loss is comically non-existent in the longer term swing for yours truly, lol
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Note II: Holy cow, entire market crapping, a short made enough sense and I'll blame myself b/c this was easy enough to anticipate. It also isn't "newsy" enough to warrant a repeat update on this thought!