Bullish on OIL @ $51.30

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.

 

Daily chart

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

 

Metastocktools also gave a buy signal for oil...

 

Great! What about you my man (woman)?

 

God speed. I don't think we'll see $90, let alone $70, anytime through 2009.

 

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

 

I would say we go up to the 70s....

 

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.

 

Part gut, part what I've been seeing in the market and hearing from the floor.

 

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