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WTIC UCO update — 5 Comments

    • TMT, Thanks for your thoughts on this. That would be near the top of one of the short term price channels I am tracking. The current uptrend slope is very steep here and not likely sustainable so I would expect a drop into a half cycle low (HCL) before we breach my Red IC downtrend line.

      A drop into an HCL will create a pivot from which I can establish a primary price channel as the current one is too steep, IMO.

  1. Thanks Surf.

    My current plan.
    Let oil run into OPEC meeting and if all goes well we should continue with mild rally (OPEC should confirm cuts into 2018 as SA and Russia already have), hopefully 55$+ over next 3 weeks. If that target is reached I’ll be looking to exit trade (oil unsustainable above 55-56$ IMHO). Then short oil a few months later…
    Adapt and reajust if necessary.

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