Take profit @ 44,50 on our short oil position has been triggered with a 9,35% profit in 6 weeks.
WTI oil trades now at levels that acted as important support ( see blue arrows on below chart) in the last
18 months ie 42,5 to 44 usd . Bottom of chart shows MACD being negative (Trigger of our trade see June 6th email)
with no reversal in view might be a sign of further downside. 200 MA at around 41 USD is also a support level.
Should the 41-42 USD levels be broken (closing basis), this would open the way to 35 USD and potentially lower levels .
We remain neutral as long as 1/ MACD crosses higher —> Long
or 2/ Break 41-42 USD down —> Short .