THE OPEP MEETING EARLIER TODAY GAVE THE WTI THE BEARISH KICK WE NEEDED FOR THIS TRADE. THEY DECIDED TO KEEP PRODUCTION UNCHANGED, THAT IS A BEARISH FUNDAMENTAL FOR USOIL.
THE TECHNICALS SHOW US THAT THE OIL HAS A VERY STRONG AREA ARROUND THE 58-60S. LAST MONTH WE HAD AN EVENING STAR CANDLESTICK PATTERN, CONFIRMED WITH TODAYS FUNDAMENTALS AND TECHNICALS.
JP MORGAN PUBLISHED LAST MONTH A STUDY IN WHICH THEY ANALISE UNITED STATES PRODUCTION, AND THEY SAID THAT THE WTI WILL BE VISITING BY OCTOBER THE LOWS THAT WE SAW EARLIER THIS YEAR ARROUND 47S ZONE.
TODAY WE HAD A VERY STRONG REPORT ON NON FARM PAYROLLS GAVE THE DOLLAR A VERY BULLISH KICK, VERY IMPORTANT IN THIS TIME OF THE YEAR IN WHICH THE FED IS DECIDING WEATHER OR NOT PUSHING UP THE INTERESTS. THAT IS VERY IMPORTANT CONSIDERING THE FACT THAT THE DOLLAR AND THE WTI HAVE A VERY STRONG OPPSITE CORRELATION.
SO WE NOW SEE A VERY BULLISH DOLLAR, A BEARISH PERSPECTIVE FOR THE CRUDE, A STRONG RESISTANCE IN THE 60S ZONE. IM GOING SHORT HERE.
THE TECHNICALS SHOW US THAT THE OIL HAS A VERY STRONG AREA ARROUND THE 58-60S. LAST MONTH WE HAD AN EVENING STAR CANDLESTICK PATTERN, CONFIRMED WITH TODAYS FUNDAMENTALS AND TECHNICALS.
JP MORGAN PUBLISHED LAST MONTH A STUDY IN WHICH THEY ANALISE UNITED STATES PRODUCTION, AND THEY SAID THAT THE WTI WILL BE VISITING BY OCTOBER THE LOWS THAT WE SAW EARLIER THIS YEAR ARROUND 47S ZONE.
TODAY WE HAD A VERY STRONG REPORT ON NON FARM PAYROLLS GAVE THE DOLLAR A VERY BULLISH KICK, VERY IMPORTANT IN THIS TIME OF THE YEAR IN WHICH THE FED IS DECIDING WEATHER OR NOT PUSHING UP THE INTERESTS. THAT IS VERY IMPORTANT CONSIDERING THE FACT THAT THE DOLLAR AND THE WTI HAVE A VERY STRONG OPPSITE CORRELATION.
SO WE NOW SEE A VERY BULLISH DOLLAR, A BEARISH PERSPECTIVE FOR THE CRUDE, A STRONG RESISTANCE IN THE 60S ZONE. IM GOING SHORT HERE.