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14 Nov 2014
Oil: Sell weak rallies, $70 next ST target - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, looking to sell any weak rallies into 76.00 in Oil, with $70 next ST target.
Key Quotes
"We suspected the corrective price action and weak bounce off 76.36 would likely lead to a downside breakout. That view was completely correct as the commodity tumbled on the day, losing almost $3 while taking out the 75 handle in the process."
"Barring any sharp reversals, $70 is looking more and more probable near term. I'll look to sell any weak rallies into 76 and 76.36. Downside targets will be 74.15 and $70. Only a daily close back above 77 or 78 will negate the ST bearish bias."
Key Quotes
"We suspected the corrective price action and weak bounce off 76.36 would likely lead to a downside breakout. That view was completely correct as the commodity tumbled on the day, losing almost $3 while taking out the 75 handle in the process."
"Barring any sharp reversals, $70 is looking more and more probable near term. I'll look to sell any weak rallies into 76 and 76.36. Downside targets will be 74.15 and $70. Only a daily close back above 77 or 78 will negate the ST bearish bias."