Taking a short in the oil because of less buying in the delta. This is a classic appearance and only 2 things could happen.
1) The large lot buyers have not stepped in yet, they are waiting for stops to get in long higher. That would be a resolution up, 30% chance of happening. If this is going to happen, you would see huge buying coming in on a swing high break.
2) Not many buyers are interested, which would mean a resolution to the downside with heavy selling volume. This has a 70% of happening.
Thanks and make a GREAT DAY!
Julian Marchese
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