The recent runup was a result of a perfect storm-turkey,gulf storm, pemex , Iran sanctions, and a technical breakout on the daily chart...the market seems now to be exhausted fundamentally and technically....All i hear on TV is 100$ OIL.
calling a top on oil is pretty stupid right now. even if you're right there could be a huge move up with one burp out of the middle east.
Stop near b/e at $93.50..no more risk in the trade.. http://www.elitetrader.com/vb/showthread.php?s=&threadid=107883&perpage=6&pagenumber=5
I'm thinking of going long some USO Apr 08 90 Puts @ 20.70. USO last was 69.54. Any comments from you oil experts would be appreciated.
ImO we had a retracement to 50%, we should see some entry signal soon & I expect oil to continue trend, not reverse. btw 10 minute chart is already showing a jigsaw pattern in MACD and now 2 minute histogram displayed a bullish pattern, so Long $89.17 (DEC light crude)
I doubt that was 'the' top. Nothing goes straight up or down. At the very least a double top or even a push slightly higher to fake everyone out. That gap down on USO yesterday, I bet it comes back up within a few days. The demand for oil will not abate anytime soon
Yes, good buy signal last night so I entered a 2 lot Long trade..first target is hit and my second target is at 91.25 (still holding separate short position)..