Login

Jack Crooks: Shorting Oil: A trade!

Share on Facebook Tweet on Twitter

Posted by Jack Crooks - Currency Currents

on Wednesday, 21 February 2018 13:22

For those bullish oil, Jack Crooks sees an immediate temporary decline of $5-$6 to the mid-fifties. Setting up a great opportunity to get long, or for those not willing to suffer a decline a chance to get out now - Robert Zurrer for Money Talks

 

We continue to be long-term bulls on oil; but we went short this afternoon for a trade. We are targeting down to the mid-50's for oil on this EW chart setup.  We have overlaid the US dollar index (inverted in blue) so you can see the correlation.  (I.E. because the dollar index is inverted, when the blue line goes down it means the US dollar is actually increasing in value.  Thus, oil and the dollar are actually negatively correlated, as you likely know.)  The dollar staged a strong reversal rally this afternoon and looks as if it has more to run, even if this is not the major move we are expecting at some time.  Either way, we think oil short here is a good trade idea.  

shortoil

 

 go to http://www.blackswantrading.com or http://www.blackswantrading.com/blog/ for his free Currency Currents where this article appeared today.

 


Free Subscription Service - sign up today!

Exclusive content sent directly to your Inbox

  • What Mike's Reading

    His top research pick

  • Numbers You Should Know

    Weekly astonishing statistics

  • Quote of the Week

    Wisdom from the World

  • Top 5 Articles

    Most Popular postings

Learn more...



Our Premium Service:
The Inside Edge on Making Money

Latest Update

Trading Basics – Sizing Your Stock Positions

You’ve done your analysis and are ready to take the trade. Next question is how much do you buy? The tendency is to buy what you can afford...

- posted by Tyler Bollhorn

Michael Campbell
Tyler Bollhorn Eric Coffin Patrick Ceresna
Josef Mark Leibovit Greg Weldon Ryan Irvine