Why are you surprised by the Oil sell off?

I warned Trading2day.com 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 informed my strategic newsletter subscribers that it was time to exit our long $SLB positions.

 

This is what followed.

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