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Wednesday, August 19, 2015

Oil short plays out well



My take profit target for oil short was reached at 42.20 level. I did not really expect oil to go down that fast today. Had I waited I would have made double on what I have made. Anyway, first level of support 41.40 (yesterday’s low) was broken and if price does not turn around after FED minutes we are going to see 40 level pretty soon.

It is also possible that price will reverse at this point and head back to 43 level. If that area is breached 43.70-44.00 will be next barrier for oil bulls. FED minutes are coming out in five minutes, so my post will be shorter. Let’s see how markets react to their financial policy.

Oil short plays out well

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