• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours Could Venezuela become a net oil importer?
  • 2 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 11 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 17 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 11 hours Why is permian oil "locked in" when refineries abound?
  • 7 hours Gazprom Exports to EU Hit Record
  • 35 mins Oil prices going down
  • 7 hours Oil Buyers Club
  • 9 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 7 hours Could oil demand collapse rapidly? Yup, sure could.
  • 5 hours Saudi Arabia turns to solar
  • 1 day Teapots Cut U.S. Oil Shipments
  • 11 hours EVs Could Help Coal Demand
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 day Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 17 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
Matthew Bradbard

Matthew Bradbard

I have over 1 decade of experience in the Commodities industry. Managing my own IB for over 5 years and my own CTA for fifteen…

More Info

Trending Discussions

Daily Crude Oil – An Interim Top?

Crude oil has gained $8/barrel in the last month, putting it just a few dollars shy of $100. My stance: the easy money has already been made in bullish trade.

Prices moved quickly from oversold to overbought territory as Stochastics shows in the chart below. I think we’re in the process of establishing an interim top, with a $3 to $5 correction soon to follow.

Daily Crude Oil Market Update
Click to enlarge.

As far as winning streaks go, crude has closed higher 14 of the last 20 trading days (after a swing low on March 4th). What’s more, we haven’t seen two consecutive “red” sessions since that low was established a month ago. This streak will be broken if today’s close is below $97.  In my eyes, we’ll have confirmation of an interim top on a settlement under the 8-day MA (orange line). I do not see a fresh 2013 low on the horizon, but I do think the market can depreciate $3 to$5, giving us plenty of room for a bearish trade.

If you’re bearish WTI, my suggested play is shorting June or July futures while simultaneously selling out-of-the-money puts 1:1. Use Fibonacci levels as your objectives - a 50% retracement would drag May futures $3.50 below current trade… June and July contracts should move accordingly.

As always, I’m here to discuss specifics and give guidance. Give me a call…

To discuss in more detail this chart or any other you can reach me at: mbradbard@rcmam.com or 954-929-9997

Risk Disclaimer: The opinions contained herein are for general information only and are not intended to provide specific investment advice or recommendations and are not tailored to any specific’s investor’s needs or investment goals.  You should fully understand the risks associated with trading futures, options and retail off-exchange foreign currency transactions (“Forex”) before making any trades. Trading futures, options, and Forex involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change without notice.  Past performance is not necessarily indicative of future results.




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News