Oil trend medium term (8-10 weeks)

Oil Traditionally goes up in February due to expectations of refinery buying. Because of the untimely rise it took in November, it's rise maybe delayed / stalled a bit as there seems to be a lot of selling pressure. Magic words to any producer is to hedge output at 55 for this year. There's going to be a lot of uncertainty due to a new government and that can easily delay oil's rise till end march.

Given the wide stop loss in my position, you may want to drill down into daily / intraday to look for better Risk / Reward ratio.

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Short position opened at 53.00