nftrh plus

NFTRH+; A Commodity in a Short Setup

I am still short commodities (DBC, as noted at the site last week) pending the April high and commodity headliner crude oil is in a  similar situation, with its lower lows and lower highs intact on an intermediate trend. If interested in being bearish oil one could short it in a favored way (short USO, long SCO, etc.) at the equivalent of the current WTI level up to 53, and use a break above the April high or 54 as a stop loss.

wti crude oil

Here is the stockcharts view as of yesterday’s close, adding in some indicators, notably AROON showing WTIC still in a daily downtrend. If WTIC makes a higher high and holds it, the fact that it has crossed above both the down-sloped SMA 50 and mildly up-sloped SMA 200 would start to have bullish meaning and we’d need to get out of the way.

wtic

I’ll leave this one informal as to short and stop loss levels since they are already implied above. The short-cover target would be 45 or so.

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.