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Trading Ranges Before London Open


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Oil Risk Range 14/04/2021

 

Risk range for Crude Bullish 

Last Price (60.96)

Top Range 65.96  Low Range 58.50

Oil Volatility (OVX) last 35.26 Bearish Top Range 42.72 Low range 35.51. 

This is an interesting one because the oil price is near the low end of the range and it's volatility is at the low end of the range. 

One of two possible scenarios ;

A) Oil vol keeps getting compressed and it blows past the low end of the range and oil goes a lot higher. Or

B) Oil vol bounces off the low end and oil corrects a little more.  I am not sure .

Still have a positive bias on the inflation story but net volume in percentage also looks like it is dropping a little bit . I have no positions in Oil FYI.  My take on it ; air on the side of caution. Maybe a small starter position ( 0.12-0.25%)  is appropriate as a starter position 

  For me to be a ragging bull,  I need Oil Vol to be at the top end of the trading range. 

Edited by Courage
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