OIL - needs to cool off!

Oil surprised and went orbital on the 1H time frame. RSI went into a sharp peak at about 84 on mid-point prices. The unexpected pump was attributed to news that the US will stop giving sanctions waivers to countries that import Iranian crude or condensate.


This 3-day time frame is tricky. Do you go long, short, or just stay out. I'm short on a lower time frame for a limited hit (which isn't a recommendation for others).

There may be opportunities approaching should a good trend switch turn up on a 15 - 30 min time frame.