On Wednesday 10/14 – I got short DEC-20 WTI Crude Oil @ 41.30. Although this trade took longer than I was expecting initially we finally hit my target @ 39.50 (profit of $1,800 per contract) after the futures reopened last night. The day after we entered this trade we got as low as 39.52 on 10/15 but never filled my target and then retraced higher following the EIA inventory report. My resistance level that we set our stop-loss above was never tested so great job to all who both participated in this trade with me and also held strong by holding our short position. Crude oil now is trading around 38.60 as I type this update with a low of 38.28 on today’s session. The main driver of this overnight selloff is due to increasing COVID-19 cases over the weekend and new tightening restrictions here in the US. Libya has also added to this downward pressure saying its oil output could soon top 1 million barrels as it comes back online. I recommended the following trade on 10/14:
SOLD GCLZ20 @ 41.30
BOUGHT GCLZ20 @ 39.50 ($1,800 profit per contract)
*Risk/reward are calculated before commissions and fees*
Call me if you would like to review this trade – 312-706-7639.
30 MIN CL – Short Position Update
DAILY CL – Short Position Update
Jace Jarboe | Futures & Options Broker:
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