The Top of Oil

Discussion in 'Trading' started by patbateman, Oct 30, 2007.

  1. 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.
     
    #11     Oct 30, 2007
  2. 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.
     
    #12     Oct 30, 2007
  3. #13     Oct 30, 2007
  4. piezoe

    piezoe

    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.
     
    #14     Oct 31, 2007
  5. JSSPMK

    JSSPMK

    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)
     
    #15     Oct 31, 2007
  6. JSSPMK

    JSSPMK

    up a buck so far
     
    #16     Oct 31, 2007
  7. 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
     
    #17     Oct 31, 2007
  8. JSSPMK

    JSSPMK

    up buck & 1/2 now

    scaled out for +$1.20
     
    #18     Oct 31, 2007
  9. uso still a buy
    68
    65 at worst

    till 76.5
     
    #19     Oct 31, 2007
  10. 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)..
     
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    #20     Oct 31, 2007