Time to Short Oil

there's probably going to be heavy support here from 68-69 level. I am personally looking for a bounce out of the 68 level, perhaps back to 71-72, maybe even higher...

quote from my may 12 commentary i wrote for a couple friends
The targets for the potential short play forming here would be in the 69.00 level. As shown in the chart below, the previous uptrend that took us to our highs combined with the intersection of the newly established downtrend channel both intersect in the 69 level, which a high around 72 and a low at 66/67. However, if this short play works, I feel confident that the 69 level will be a good point to lift the short, or at least reduce the size of the position, and re-analyse what's occurring at that level. There seems to be significant support in the 68-69 level, so it will be imperative to watch that for any signs of a reversal, and perhaps a charge to take out the all time high at the 75 level.
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Quote from ChiBondKing:

there's probably going to be heavy support here from 68-69 level. I am personally looking for a bounce out of the 68 level, perhaps back to 71-72, maybe even higher...

quote from my may 12 commentary i wrote for a couple friends
More...


now at 68.30, let's see if this support holds... We reached the target, now let's see how the rest of the session plays out...
 
Quote from ChiBondKing:

now at 68.30, let's see if this support holds... We reached the target, now let's see how the rest of the session plays out...
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CCRRRAAAAAAAAAAAAAAAAAAAASSSSSSHHHHHHHH
 
my view is simply technicals at the moment for Crude/Natgas

we've bounced off the lows a bit... so, this is probably a good level to re-evaluate the situation...

Lucky for me, I'm on vacation tomorrow, so I won't be evaluating anything :D
 
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