A crude look at Crude

Discussion in 'Commodity Futures' started by jjgallow, Feb 2, 2007.

  1. jjgallow


    ...and the jokes don't get better!

    Attached is a chart with some crude technicals on it.

    I thought I'd start my own thread instead of cluttering up others.

    Looking at crude, I'd say it's due for a bit of a correction. Nothing major, just a newer trading range as my rather crude chart would suggest.

    You could really interpret it either way from my chart, although I believe the fibonnacci lines suggest a downward trend and definitely the fundamentals are there for some consolidation.

    Weather was not as bad as predicted, and is a short-term phenomena.

    Supplies still increasing.

    No guarantee that OPEC will follow thru with cuts.
  2. itotrader

    itotrader Guest

  3. jjgallow


    Good video..

    I'll admit it though...

    this thing is going to touch 60 first :(

    ...only thing i was right on....those fibbonacci lines can be interpreted either way, lol.

    Nigeria sucks
  4. jjgallow


    Here is a a result of my last, play...for which I think there is still something to learn from. Once crude passed the Fibonnacci midpoint, it was game over.


    What was your last play? You are talking about the upside breakout, correct? We may hit 60 this morning, we're very close right now...
  6. jjgallow


    Lol, I wish I was.

    I was reviewing my mistake, betting on consolidation earlier last week.

    I am long now, yes.

    Still hasn't touched 60, but awefully close. I believe there will be a gap to fill at $58.86 before the next attempt.
  7. jjgallow


    Filled gaps (filled more than I guessed), headed back up.

    Just broke some resistance at $59.20, although not convincingly yet. May spend some time here. If it can close here or higher, it makes the next attempt at $60 that much more feasible.

    Very technical trading right now...psychology of $60. Would take some pretty big news to change the pattern, imho.

    p.s...I'll throw my prediction for $60 as on tomorrow's open, or more specifically very late tonight.
  8. jjgallow


    It's been rightly pointed out to me that crude has double-topped. Somehow I've made money today, but not enough to cover my initial losses from last week.

    I may be best to take a breather, lol


    Double top on your chart, yes, but I'm still bullish. Like natty at 8 bucks, it wants to go there and keeps getting very close, but encounters selling resistance up near the whole number. I heard it did actaully trade 60.00 in the ring this morning, but there was a violation so they took the print down and made the high 59.99...

    You out, or did you get back on thehorse?
  10. sowoil


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    #10     Feb 6, 2007