Here is a chart, with a line showing the stop position, courtesy of IG Index:

Technically, oil is near the top of its recent trading range and looks like a likely short. Yesterday was a wide-ranging down day, which suggests further falls to come. Oil has run up partly on a recovery story and partly because of the cold weather in the US. With the surprisingly bad jobs report and the US getting warmer (and forecast to get warmer still), there are good reasons to expect oil to fall. Unfortunately this market is volatile and even this wide stop may not be wide enough.
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