Not convinced by oil rally..am shorting Brent now @ 41

OIl has rallied by more than 5%, however, in my opinion this is a trap of sorts. For more than a year or so now, oil has thrown its weight around on stocks.

And today despite a 5% rally in oil, stock are wobbly. Hence, I conclude this is a selling opportunity in Brent for a target of 39.50, 38.86 and with a Stop Loss @ 41.50

Even on the Brent oil hourly chart, I see a bearish price rsi divergence..

brent oil

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s