Nice break out rally in Crude

Discussion in 'Energy Futures' started by brocklanders, Jul 30, 2008.

  1. Not calling a bottom but looks like we have a floor in at 121. Looks like shorts are getting taken to the woodshed here. I would like to see it test 130 area before becoming too bullish here but this looks like a good little bounce to me.
     
  2. dstod

    dstod

    Shorted DUG yesterday around 37.75 and bought the mini crude contract (QM) at 120.575 but unfortunately got out this morning ahead of the number and left a ton of money on the table.

    Too many people were calling for sub $100 oil. That combined with the 120-22 support level made it a high probability trade in my opinion. Disgusted with myself that I didn't hold on to the position.

    "Plan your trade and trade your plan"
     
  3. It looked too easy to short before the number to be a good trade. I missed a short trade yesterday unfortunately but when it started to sell off right before the number I got a little more bullish, especially since yesterday's low held. In hindsight it was easy to see but oil looked so weak that it was almost a perfect setup for a technical rally. It could go back down for sure but I'm going to stay long until next week's number if it continues up through tomorrow.
     
  4. Before 130, I'd like to see CL stay convincingly about 126.5-126.75 before I'd buy into it.
     
  5. Wow, there must have been a bunch of stops at 127 level because it jumped 30 cents in a blink of an eye. We'll see tomorrow where the support is but I'm "cautiously optimistic" at this point.
     
  6. Crude is going crazy. Up $4 in about an hour. Iran? Can't find any news on the wire.
     
  7. 50_Bip

    50_Bip

    Technical rally at early June support, channel bottom, and 100 sma.
     
  8. Can anyone recommend a real-time newsfeed that concentrates on the energy markets without costing an arm and a leg?

    Any suggestions?
     
  9. I use Reuters North American real-time package. It is good for what you pay ($65/mo). It usually has instant headlines on economic releases. It can be a little hard to search and filter news so you can easily miss something important due to all of the other b.s. that is out there but overall it is a good value as I am not willing to pay $300+/mo for news.
     
    #10     Aug 1, 2008