Crude Oil Rallies On Geo Political Problems

31 Aug in Blog, commodity consulting, crude oil futures, futures broker, heating oil futures, Mike Seery, natural gas futures, option broker, seeryfutures.com, unleaded gasoline futures

Crude Oil Futures---Crude oil futures hit a 2 week high today as tensions with Russia continue to prop up prices as I have been recommending a short position but it’s time to move on and look for another market as this trade hit a 10 day high today so if you took my short recommendation it’s time to exit and move on in my opinion. As a trader you must have an exit strategy and my exit strategy is if I’m short I place my stop at the 2 week high so currently sit on the sidelines and wait for a better trend to develop as this trade was disappointingly and was pretty neutral but I do believe that over supplies eventually will continue to push prices lower but there is so much chaos going on in the Middle East at this point pushing prices higher so let’s wait for some better chart structure to develop as we might consolidate in the next several weeks so wait for another trend to develop as I like trading the crude oil market because sometimes the risk reward situation is highly in your favor since crude oil is a highly volatile commodity. TREND: NEUTRAL –CHART STRUCTURE: SOLID

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