4:47 PM
alphaadvisory
US Oil (WTI) crude continues to fall as investors can no longer avoid
the fundamentals of rising inventories and record production in the U.S.
as the shale boom continues to alter the long term dynamics of the oil
industry. Furthermore, we had data releases late last week that showed
slowing manufacturing in the China and contracting factory output in
both the euro zone and the U.K.
WTI traded a range of. Our core short positions we had entered into just below $97.00 are now in significant profit. We had taken profit at our initial target of $91.80. We now expect prices to cascade to below $90 this week. On a break of $90.00 we will be adding aggressively to our short positions. We expect that stockpiles will once again increase in the last week and add further pressure on the prices. At the same time, the risk of market turmoil this week is high and could originate from various events that are unfolding in Europe and the United States.
Compass direction: Bearish
WTI traded a range of. Our core short positions we had entered into just below $97.00 are now in significant profit. We had taken profit at our initial target of $91.80. We now expect prices to cascade to below $90 this week. On a break of $90.00 we will be adding aggressively to our short positions. We expect that stockpiles will once again increase in the last week and add further pressure on the prices. At the same time, the risk of market turmoil this week is high and could originate from various events that are unfolding in Europe and the United States.
Compass direction: Bearish
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