So are you short now? Oil was up to 69 dollars on my charts, and I see it has just hit 66.82 and it doesn't look like there is much more upward momentum left.
I went long yesterdya at 69. I was at work and didn't have time to really analyze it. Now I see it has pulled back to support. I'm very tempted to add another long, and if it drops down to the previous long of 66 I'll add another long. If it manages to go below 66, say 65 I'll reverse and go short. Also note that EVERYONE knows OPEC will cut production, so in my opinion one shouldn't try to trade this news. I trade based on the chart. If oil is going to move as a result of OPEC, the charts will tell a better picture than the news. For example, let's say people are thinking that a cut is good for the price of oil because less supply means prices go up. So the commodity funds who are long oil and are dumping their shares they see a selling opportunity to sell into buyers. This could send oil lower. This is why a market often moves opposite the news. Big traders take advantage to unload!
CL is right at support at 66-66.80. I added a long at 67 with a stop at 65.50. A doji is forming on the 60 minute chart. It's also oversold by the RSI(9).
It looks to me that oil has suport at 63. Tested twice today. Now it's up to 64.37. I went long at 64.18. It's worth a shot. Stop is 62.50.
Eeekkk Um im sorry if you got caughtout by my calls mate. My calls were all right.., but it would have needed perfect timing for you to have made money of them. Id bought very heavily the night before and so cashed in at 68.40 1stly. Then re-bought in a dip as my target was 69.26. I dumped all those at 68.14 to just take the cash, and was extremely happy as oil then crashed down below 66.80. I didn't want to risky buying though cos the opec ne being priced in, missed out the rise back to my initial target of 69.26. Then didnt sell cos didnt want to be short into opec either, and missed the crash down today cos i slept in all day by accident. I then today was out of focus, so the lowest price i saw for oil was 64.19, i wanted to buy at 63.86 at teh highest, now we just under $65. I put order to buy me in at 63.86, stoploss is gna be at 59.52, as there is EXTREMELY strong support at levels above that + i now thinking dollar is gna start weaking again. And so i also bought aud.usd at 6168, stoploss at 6093, and 1st target at 6619. And gna try looking for a nice low opening to buy some corn also.
Nice trade.. I thinking about getting in next to you as we just dipped, but i do feel pretty confident that we will get a dip down to 63.80 atleast for a retest.