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Even on Friday, I did not consider short positions due to the lack of a specific signal that occurred at the moment. There was no reason why Petroleum should be cheaper (although this adjustment was due), but the confusion around the virus and the pandemic in the world has created the confusion we see. Or the expected price drop accelerated.
The support outlined in the Monday’s Market Review posting became resistance that was defended. Maybe a little breached, but the level put us in the position with a relatively small StopLoss hedging order.
After securing the order on BE (Break Even), we expect the price range to be around 47 USD, which is the level of support marked in the zone below.
