One needs to be very cautious selling crude near 46 right now because it has been supported by this level frequently. It looks like $50 has rejected the crude and path of least resistance is down but this is not the level to go short with big position. We have been trading crude from both sides, with recent trades from buy side. Now since any bounce near 48 will be challenged, we are inclined to short it closer to 48. With initial target of 45 and then if lucky, close to 42 / 40.
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Can't let a windfall profit go away. $2 drop from entry within just few hrs and we are taking profit on 2/3 profit here and staying short with the rest. Also will look to short on the bounce later.