Short crude oil - waiting for the confirmation of break out @ $98.70

Trading Discussion
1

Hello traders,
CRUDE OIL is at key support area. $98.70-99.00 range. The fundamental is very bearish. But CRUDE OIL is consolidating since march 2014 between $97-105. I’m looking to go short if this support breaks with targets @ 97, 96 & 95.50 respectively.

Having said this, GEO POLITICAL RISK ON UKRAINE-RUSSIA tension May result in favour of bullish momentum. In that case if this key support holds I will go long with targets @ 100.50 & 102.00. Pay closer attention to coming Wednesday (07/05/2014) inventories report and situation in Ukraine. These factors give us a direction to the next move on coming days and weeks.

I wish you good luck with your trade.

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3

Nice- I’ve been selling since 105 and have a short on right now off 99.50. Was considering covering @ 99, but I’d like to see how the chart develops heading into the middle of this week. Good analysis though.