Short OIL Again (SCO)

I got stopped out of my previous SCO trade for very minimal loss.

Trying again on this tag & rejection of the upper trendline, bought SCO $37.9, stop $36.

It tagged the upper trendline and turned. There seems to be some OPEC-related news, hopefully that adds a bit of momentum to this leg down.

It would be ideal if Oil's ICL is still ahead, and this pattern of lower highs & lows continues, putting a target of $42 or $40 for the next low.

İşlem aktif:

Added more SCO at 40.33
Added some DRIP at 23.19, (3x bear oil stocks, small position / tighter stop)

Hopefully Oil follows the pattern of lower highs, lower lows, and makes a new low below 43

Yorum:

Sold DRIP because I don't know what the heck I'm doing.

XLE up 0.7%, DIG up 1.5%, but DRIP down 5.5%? It's down twice as much as it should be.