Oil Futures: Swing Trades With Crowd Indicator. +1.7% in two days
Our analysts were thinking about shorting WTI futures on Monday, August 22, hence we published a question concerning the oil price on Sunday, August 21:
Iraq, OPEC’s second-biggest producer, will increase crude exports by about 150,000 barrels a day in the next few days after an agreement to resume shipments from three oil fields in Kirkuk. Will WTI futures fall below $47 before August 27?
According to Cindicator users, the probability of such a move was 87%. Therefore, we shorted two WTI October futures contracts at $48.18 at 05:15 AM on Monday, August 22.
The next day, oil prices slipped below $47. Our traders closed half of the position at $47 and another half at $46.89.
Gross profit was $2,470 (almost 1.7%) in a few days.
Happy trading,
Cindicator team
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