Crude oil has finally rallied back higher in the overnight session. We saw a rejected price at the 51.55 high before weakness stepped in. I’m not convinced that was the low quite yet and want to press to see if this market has more to run lower with all the demand concerns and negative impacts of the coronavirus outbreak on energy sector. I recommend the following short position:
SELL GCLH20 @ 50.55 or MARKET
BUY STOP @ 51.55 ($1,000 risk per contract)
BUY LIMIT @ 49.00 ($1,550 profit per contract)
Or trade a mini contract (QMH20) for half the risk/reward exposure – risk $500 to profit $775!
*Risk/reward are calculated before commissions and fees*
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30 MIN Crude Oil Bearish Signals – TAS Vega, TAS Navigator, and TAS Ratio all Pointing to Weakness and Bearish Confirmation
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Jarboe Trading Journal - The Jarboe Trading Journal provides structure and insight to guide you through the futures markets. This advisory incorporates both technical and fundamental analysis with a concentration on market profile analysis. Jace Jarboe provides specific trade recommendations, markets to monitor, and videos illustrating his analysis.
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