Oil Short via Direxion's Inverse $DRIP
I have entered a leveraged (2X) short in #oil, via Direxion's Inverse $DRIP ETF.
NOTE: This post shows "LONG" because I have BOUGHT $DRIP; #Oil, as the asset class - I am viewing as a SHORT.
Not much else to say, other than the #oil #selloff is underway after forming what I see as a double top (see WTICOUSD) and a good risk/reward entry to short.
I will continue to provide updates on this one, and as usual, the chart will dictate how to manage the trade.
You may recall, I bought oil, via Direxion's $GUSH ETF back in September 2021 (returning over 50%); I officially closed the oil-long ($GUSH) position in April 2022.
Let’s see if the oil selloff translates at the gas pump.
God Bless!
NOTE: This post shows "LONG" because I have BOUGHT $DRIP; #Oil, as the asset class - I am viewing as a SHORT.
Not much else to say, other than the #oil #selloff is underway after forming what I see as a double top (see WTICOUSD) and a good risk/reward entry to short.
I will continue to provide updates on this one, and as usual, the chart will dictate how to manage the trade.
You may recall, I bought oil, via Direxion's $GUSH ETF back in September 2021 (returning over 50%); I officially closed the oil-long ($GUSH) position in April 2022.
Let’s see if the oil selloff translates at the gas pump.
God Bless!
