Slope of Hope Blog Posts

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Slippery Oil

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Happy Father's Day, Slopers! This father is still in beautiful North Lake Tahoe with his family and, as always, has charts bouncing around his brain.

Crude oil has doubled in price in the span of just a few months, and given this market's adherence to the Fibonacci fan lines I've drawn, I see this entire sector as a tantalizing short.


I am already in position by way of being short USO as of a few days ago, and I think crude has a very good chance of losing at least $10 from these levels, so this is a position I can hang on to for a while longer – – I think I'd cover in the low 30s.


Have a good Sunday, everyone!