Why Are You Surprised By The Oil Sell-Off?

I warned readers about the technical bearish view I had on Oil...

I warned readers about the technical bearish view I had on Oil while it was trading above $71.50 (here). The wedge pattern was very clear….the bearish divergence signs were there also…sentiment was way bullish calling for $80-90 prices…..our strategy was simple….buy above $70 with $70 as stop reverse and target $73.  Price made a low at $70.28 and pushed to $72.80.

The bullish wedge was broken at 71.44 while now price is at 68.96.

Near the highs of this Oil move , so I informed my strategic newsletter subscribers that it was time to exit our long SLB positions.

 

 

 

This is what followed.

 

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