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Adam Sarhan On Why Sarhan Capital Is No Longer Short Oil

Adam Sarhan was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.
Sarhan Capital CEO Adam Sarhan discussed crude oil prices on the show.
Sarhan said the firm covered its short positions approximately two weeks ago and was no longer short oil.
“I feel that crude oil right now, is struggling really hard to find this bottom but it’s [been] trading for the past few months right near $50,” Sarhan said.
“It’s forming a bullish double bottom pattern,” however, it was still range-bound, and Sarhan cautioned that prices could still fall if the recent lows are taken out. If so, the mid-$30’s could be tested.
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