There is a clear shift in the momentum in the Oil market, with the commodity dropping with nearly 10% for the past 2 weeks. The Death Cross, a classic sell signal, is indicating that sellers are indeed in control and we are lookin now at a strong downward momentum. The minor pullback from 72.40 to 74 wasn't unexpected, after all it was triggered by early sellers taking profit, which is healthy for the broader trend. This correction was also very short lived, as it only tested the immediate resistance at 23% Fibonacci retracement. Besides the technical set up, looking at the broader market we see rising demand for risky assets such as stocks, which further supports the hypothesis speculators are shifting from Oil to equities. This is why we prefer to enter a sell trade with a target $4 below the current price.
Profit & Loss
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