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Trade idea: Short crude oil
A number of factors are affecting crude oil this Friday and Anton Hughes, the co-founder of Magick is shorting WTI. He believes the US government shutdown will have a significantly negative impact on demand and he also points to news that crude stockpiles have been climbing steadily over the past few days. It also appears Iran is moving towards a process of diplomacy which is reducing geo-political tensions.
He is monitoring Tropical Storm Karen in the Gulf of Mexico which could have the potential to disrupt supplies. However, Anton belives that's not such a big threat at the moment. He's looking to enter the market at $102.80 and take profit at $101.50. He's putting a tight stop loss on this trade.
00:53 minutes
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