Contra View on Oil

6 เม.ย. 2019

From the technical perspective, oil is at the cusp of respecting the major level which also acts a resistance along with the golden ratio. However, on a longer time frame, we could also see a big short coming. Time to build structural short positions in Oil.

Also, its a pain trade because April is seasonally Bullish for Oil. Hence, if we see this level is respected then, we can enter a short on a monthly timeframe.

For now, Short is the bias. Opec production numbers are coming on 10th April`2019. That could be the catalyst to determine the further moves.

14 เม.ย. 2019

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Shorted first tranche @ 64.50