Crucify - Crude Oil Trading

Crude Oil is an interesting commodity to be traded, i will be sharing my trade here with my own bias . If you got any good idea or great advise, you may give in the comment .

My overview for oil.
It has been trending higher since start of year and with my plot of chart. I am expecting oil to be on a downturn with my mid term view.

Initial Capital: $1000
Current price: $73.40
Potential target :$56
Timeframe : 6 month to a year.



Strategy: Scaling in

Five months later. Price has eventually hit our projection. Current Price $54

The price has been overextended for the downside. May show some retracement back to $56.60 level,and looking for potential moving to $66.43 which is medium price of WTI for the current period, it will take a while before $66.43 could happen which expects to be 6 months time to 1 year. This also means any strong upside meanwhile would serve as a good shorting opportunity.

But prior to that target of 66.43.
We should see a downward spiral to a pricing zone of 42 with 54.5 as a current cap for a short term. Which Qatar will be the main driver till next year JAN for this decline.