We have just exited all shorts from the $79 region as price takes a breather and bounces off near term support at $75.10. As stated in prior posts, price breezed through our initial target of $76. Currently seeking further short entries around $77 – near term support turned resistance. Please adjust price levels for your broker accordingly.
We’ll see what price does at this point. The near term bearish case still holds, and we still see price targeting the $71 zone. However, with increased volatility, we stay vigilant and so cannot rule out a quick rip to the $79 region.
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