Earning Season and Crude oil

US market is entering earning season. This season will determine whether the bull still has more leg to come.
Also for speculative option player, earning season will be like theme park time.

Oil has dropped from $73 to $59 after big analyst raise oil target to $75.
The last oil bull market also ended when the big analyst raise oil target to $200.
Seems there is a pattern here.
I think the oil speculator is taking their profit from oil so the oil price is dropped. Oil is not really controlled by fundamental demand. When the money flow to oil, the price will go up whether supported by fundamental data or not.
We should follow the money. Currently the money is flowing out from oil. When the money flow to oil again, we should be ready and ride again. But until then, oil will continue go down or hover between support level of $59.
From today oil chart (hourly) oil is making one higher high and low, we should see whether it can create another higher high and low . When it does, be prepared to enter oil again with small portion of your money or according to your money management.

Happy Trading!

Best regards

Snip