Oil futures for August expired last Friday. And even though traders should have been clearing long contracts before expiry, price failed to drop < $40. (prices barley spiked to $40.06 on Thursday & $40.11 on Friday).
This shows that producers / suppliers are providing massive price support @$40 levels. There will be No serious re-test of $40, before $47-$48 is seen.
I have therefore changed my Oil Bias to Bullish.
I will raise TP on my shorts to $ 38.20 (B/E) to clear them.
I will also place limit long orders early Monday starting from $39.70 --> all the way to $38.70 to hedge held shorts, in an attempt to neutralize -ve P/L as prices continue their rise.
I expect the ascending triangle shown on the chart to break upwards to($42.80-$43.80) then $45 & $48.
I will add longs to my hedged shorts on break > $42-$42.20 all to $43.80 targets.
Recurrence of this process should gradually clear out all -ve accumulated P/L on current held (1.5 contract) oil shorts.
I will of course update, as such changes are implemented.
Take Care & Stay Safe.
This shows that producers / suppliers are providing massive price support @$40 levels. There will be No serious re-test of $40, before $47-$48 is seen.
I have therefore changed my Oil Bias to Bullish.
I will raise TP on my shorts to $ 38.20 (B/E) to clear them.
I will also place limit long orders early Monday starting from $39.70 --> all the way to $38.70 to hedge held shorts, in an attempt to neutralize -ve P/L as prices continue their rise.
I expect the ascending triangle shown on the chart to break upwards to($42.80-$43.80) then $45 & $48.
I will add longs to my hedged shorts on break > $42-$42.20 all to $43.80 targets.
Recurrence of this process should gradually clear out all -ve accumulated P/L on current held (1.5 contract) oil shorts.
I will of course update, as such changes are implemented.
Take Care & Stay Safe.