Discussion in 'Commodity Futures' started by Realist, Oct 2, 2007.
Seasonals suggest so..
Target is 72-74 range before FND...
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.
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...
Still in an uptrend, what's to stop it bouncing off the moving average at ~79
but...when do you call it a downtrend? Probably at our target price.
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?
UP $1+ NOW. When will the oil bear moonbats get it?
edit - up almost 1.50 on CLX7.
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?
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...
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