CRB bulls rejected at triple resistance cluster (2)
In relation to equal weight, Smart Money Hedgers are holding record Short exposure on the CRB commodity index. Historically, when Smart Money Hedgers have had this type of exposure (short contracts totalling more than 100,000) as it is now, the CRB index declined every time over the medium to long term.
Keep an eye on the weekly bearish engulfing candle. Providing we hold below key triple resistance at 2 (61.8 Fib, Channel & 50 period weekly moving average) we should be on track to short this index for further downside gains.
As with most Smart Money trades, it typically pays to monitor the trade first on a daily/weekly time frame before entering into a position, as they can take time to play out. This bearish outlook is for the medium to long term.
Keep an eye on the weekly bearish engulfing candle. Providing we hold below key triple resistance at 2 (61.8 Fib, Channel & 50 period weekly moving average) we should be on track to short this index for further downside gains.
As with most Smart Money trades, it typically pays to monitor the trade first on a daily/weekly time frame before entering into a position, as they can take time to play out. This bearish outlook is for the medium to long term.