For my short call and analysis on Oil see my previous post by means of the link below:
Price broke below an important zone and I'll be looking for pullbacks by means of consolidations to sell Oil once again. In the meantime I keep my short position open.
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I still favor a move lower. If it moves higher and breaks above 49 I have to adjust but until that happens I favor another leg lower. Even if we move above 49 I don't think the long term bottom for oil is in place. But we will see, for now I focus on a potential reversal.
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We saw the bearish acceleration in the S&P 500 along with dollar strength and a bearish reversal in Oil and Gold once again yesterday. Everything moves therefore according to plan. Structure is leading for me when it comes to trading but understanding the overall market dynamic is THE way to increase your success ratio and THE way to add context to the charts. Because data represents something although it might not always be obvious. Once you understand that, interpreting fundamentals makes sense as well. I rather have three aces at hand than only 1. That's why there is no one best way for me, it is the combination that tells you what's most likely going on. Have a great weekend all!
