Bullish on OIL @ $51.30

Discussion in 'Energy Futures' started by JSSPMK, Nov 26, 2008.

  1. Bullish on OIL here based on daily chart, stops below $48, targets below $70 then below $90

    Currently trading near a weighted support zone, price in a bullish wedge, so far a DB plus histogram indicating a buying formation. Whatever is in the making be it a reversal or a bounce I believe looking at the chart that price ought to bounce from these levels.
  2. Daily chart

    <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2195637>
  3. Pekelo


    Metastocktools also gave a buy signal for oil...
  4. Great! What about you my man (woman)?
  5. God speed. I don't think we'll see $90, let alone $70, anytime through 2009.
  6. Is there something you're basing your opinion on or is it simply a gut feeling? I posted analysis based on what I am seeing
  7. Pekelo


    I would say we go up to the 70s....
  8. Built positions from 80s all the way down to 50s. Legged in, taking a little heat when oil hit high 40s.

    Rolled all my investment's into energy as well, Some of the funds had a NAV value of 10, drop'd to 2, moved any free money into the funds at an average NAV of 4 or so.

    Betting all on Black for the future.
  9. Part gut, part what I've been seeing in the market and hearing from the floor.
  10. HLB


    I have $50 straddle, need oil to breakout either way in comming weeks, otherwise will close the position.
    #10     Nov 26, 2008