In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we discuss an unlikely sell trade for USOIL.
Firstly, this may seem odd due to the drone attack over the weekend. This was followed by the issues with supply and the rush to be able to plug this supply deficit. As a result of these concerns, we saw prices increase approximately $7 on the open alone, a record for this market. However, over the course of yesterday’s trading, the Oil markets started to sell off due to the Saudi Oil Ministry being able to replace 50% of lost supply. This makes the disruption to supply a lot more limited than first expected.
Furthermore, if the price of USOIL breaks below yesterday’s low of 58.42 then we would expect prices to continue to push lower from here.
Unlikely Sell Trade for USOIL – Full Video Analysis
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