Oil & Gas

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Weekly – Seven week rally off the Christmas lows. Trade pressures have risen into the neutral zone. Volumes remain bullish.

Daily – Short. The trade up to the 55.88 target then down to the new short entry stopped the long trade. Trade pressures are down. Volumes are bearish.

The new short entry is 53.72. {Correction: short entry is 52.72} The next target down is the prior long entry at 50.90. This is a retracement trade so take profits at the first target.

A close above 54.97 would signal higher.

Set the stop for the short trade at 54.97.

[2-11-19: Lower the stop to the 52.72 short entry price.]

[2-12-19: Stopped at the 52.72 entry.]



Weekly – In the downtrend. Trade pressures are down. Volumes are mixed bearish to neutral.

Daily – Flat. The 2.55 short target was reached. Trade pressures are down and trending. Volumes are bearish.

The next target down is 1.88.

A close above 3.05 would signal higher.

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