Broke out of uptrend with high volume. CFTC showed specs were long, so there is plenty of room to the downside.
Spreads have been weak and option volatility was low before breakout. As it broke to the downside, longs scrambled to protect with an downside puts and panic left option vol to increase by over 6 points.
On the downside, i am looking into the trendline around 46ish.
I would expect a breather there. if it holds, great, but production in the US is up.
Only an agreement between Russia and the OPEc on production cuts could truly turn this around.
Spreads have been weak and option volatility was low before breakout. As it broke to the downside, longs scrambled to protect with an downside puts and panic left option vol to increase by over 6 points.
On the downside, i am looking into the trendline around 46ish.
I would expect a breather there. if it holds, great, but production in the US is up.
Only an agreement between Russia and the OPEc on production cuts could truly turn this around.
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.