CLX7 Topping Out?

Discussion in 'Energy Futures' started by Realist, Oct 2, 2007.

  1. Realist

    Realist

    Seasonals suggest so..
    Target is 72-74 range before FND...
     
  2. jjgallow

    jjgallow

    That's my target too, realist.

    Excellent TA. You can see how there's definitely room for as low as $70, but it's not my target.

    The current plan is to close out between $72-$74, just as everyone is screaming for $70 oil, and $60 oil.

    It may go to $70, but I think we'll get more than one chance to short over $75 before it does.

    we will see soon. Wednesday should be eventful.
     
  3. Realist

    Realist

    A couple of things that I also watch closely to gauge the direction of CL is how the energy trusts are acting and also how the airline and transportation stocks are moving. The OIH/XLE seems to be starting to rollover while the the $XAL and $TRAN are looking like they are bottoming out after having a miserable period of extended weakness. AMR and several of the other airliners are putting in solid moves the past few days. This always catches my attention...
     
  4. Realist

    Realist

    AMR calls...
     
  5. Still in an uptrend, what's to stop it bouncing off the moving average at ~79
     
  6. jjgallow

    jjgallow

    nothing.


    but...when do you call it a downtrend? Probably at our target price.
     
  7. Surdo

    Surdo

    Keep an eye on EURUSD, if the weakening USD trend resumes, Crude is not going much lower than $77.50. Tommorows NFP is also important.

    'notice it keeps bouncing back above $80?

    Good trading!

    el surdo
     
  8. UP $1+ NOW. When will the oil bear moonbats get it?

    edit - up almost 1.50 on CLX7.
     
  9. Yes keep an eye on USD currency, as today rally most like is some big players purchasing betting that tomorrow economic release is bearish on USD...but i doubt , just me or there is someone out there believe tomorrow release will favor a strengthening USD?
     
  10. Realist

    Realist

    exactly. the short term price doesn't matter in my view. FND is more than 2 weeks out and I still expect 72-74 by then...
     
    #10     Oct 4, 2007