I entered this trade last week but didn’t get round to posting about it. Oil is trading in a range between $70 and $85. It seems likely that OPEC does not want an oil price much above $80 for fear of derailing the global recovery, and the recovery is not strong enough in the Western world to create a new oil price bull run. Oil looks to be rolling over and is close to the top of the range. I shorted it near a short-term top with a stop just above the high of the previous rally. The long-term chart below, from Prorealtime.com, shows the range. The short-term chart, from IG Index, shows the approximate entry level.

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