Oil back testing the break down of a 5 month channel . Shorting VIA 1/2 handle in SCO half in DWT. I didnt think OIL would see new highs before falling again but thought they would squeeze some shorts out first so wary of trade and keeping tight stops. Target is actually around $54, with stall around $56 but ill look to take some profit and set trailing stops near lower trendline .
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Close DWT yesterday at almost even, , got stopped for loss in SCO today. I knew it was early as I stated above but thought wed get workable drop then a squeeze. Will reevaluate charts tonite for safer short entry.