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OIL WTI 10-21. 09

Last Week:

Good job to any one who withstand push above 71 and take better entry. I’m out from short, will look to reenter above 69 with target 65ish. It can take a while to create setup so perhaps will try scalp / day trade rally

Was tracking previews rally and planed short sell, my trading plan was based on retest 70 and decline but we had push above 71, was a bit surprise but as rally weakened take again short position and it work well that time. 

Sell target get hit; 
trading plan:

2nd Week of September:

Right now we may see short term rally towards upper down trend line of that channel and good place to re short somewhere above 69 or from trend line it self. 

Good chance for rally to get suppressed faster from 68/.25 so keep eye open on price action on resistances. 

target: 65

Buyers can try rally back to 70 area but be careful there, good day trade opportunity maybe but can get slammed without warning. 

Update 11.09

Did not take part in that rally, had hands full in day trade in DAX but booked short right now, will be looking for 65 if we see full correction and that push wake up appetite of sellers or to early 67 if that rally is for real and sell occur just to get space from overbought conditions.

Update 13.09

Bit underestimated strength of rally, my attempts to short from below 70 get stopped out.

Trader instinct told me to don’t take serious rally based on weather conditions, as it was typical buy rumors sell news situation aka price manipulation  but topped up with significant drown down in inventories.

Target remain same 65 with possible pull back before continuation lower. 

Buyers will be trying to stop fall around 67.50-25 so good luck for them. 

Interesting chart by  Kingdomsa1 check hes channel real good charting. 

tweeter handler:  @kingdomsa1


Support / Resistances:

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