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lolo... I visited your blog...I think it is an excellent call! I'm just wondering if oil may have lower to drop than that...very difficult to tell. I like to buy on dips, but this is one difficult dip.

Okay, regardless of the government, your certainty that oil would not go beyond 60 appears to be incorrect based on current prices. As for using technicals versus government conspiracy theories (or facts), we can all see the technicals but we don't all work for Bernanke or GWB. That's...

Well well well, Oil's at $60. Again. In the recent past, I'd shorted it at $60, but I'm an on-board bull this time. As shown on my chart, resistance has been broken. The move looks very determined, and I can't imagine any resistance until at least $61.32, short term. ($62 long...

Thank you apex, I really appreciate it! It will take me a while to really absorb it all. My first thought is that I am not opposed at all to the bullish wedge interpretation. If I understand that correctly, that would mean we still have a wave 5 down...possibly a double-bottom at 50...

Thank you kindly Apex, Let me first say that, despite our opposite sentiments, I really appreciate your expertise. Hopefully, if we trade well, we can both make money even though one of us will be fighting the market to make it, lol. You've given me a lot to mull over, but what...

Shorted at 59.40, waiting to see if it hits 60 or not. If it does, I'll put a buy in at 57.25. If it doesn't...I'm going to have to spend a lot of time determining an exit point. Apex... once again I really appreciate the inclusion of your chart. I cannot begin to express how...

apex... I agree with your chart, although I'm not sure about your wave one. Thus, I'm wondering if we've just completed a wave 4... your thoughts?

Closed out under 58.... I'm not going to risk buying this week, so currently just waiting for crude to retrace back up... don't see it hitting 60 again...but 59 probably.

This is how I view today: I am quite confident that crude will continue to rally into the G7 this weekend. I am quite confident that it will fall next week. Now, I would just wait until the close to short, but I have to wonder: what if I'm not the only trader thinking this...

Well, we got $60 printed. I still swear I'm a long term bull, but: Next week, I see down and I'm reasonably confident in it. That doesn't mean anyone reading this should trade based on my confidence, but personally I already have my short in. I thought about waiting until the...

Good points, definitely a psychological push for 60 and definitely many short players stopped out. I think the market will need to digest the idea of $60 crude, resetting stops and entry points. I still feel as if a retracement is in order tonight. Friday should be strong. Then there's...

Some very good points made here. I'll throw in my view: Supply vs Demand... World oil demand going up. Cheap oil supplies going down. Politics plays a roll, but can be easily misinterpreted. I'm long on oil..though not every day (wish I hadda stayed long today!)

Thanks Jays, Wow, that's some relatively insignificant news to cause a $2 rise. I take two things from that: Oil is VERY easily triggered right now...strong bullish sign. There has to be a retracement from something that trivial. at least for the moment.

Bought in at 57.80 this morning.. Will sell at 59.05. eur interest rate headed up...more oil spent. oil looks like it wants up again, and something bad in the world is sure to happen to support that. imho :) update...just chickened out. sold at 57.87, lol. didn't mean to...

works for me :)

Hey oldtrader, You're right. My goof. Support Pushing up, not down. cheers

Hey, Elitetrader.com has it's on IM...you can check it on your profile :)

Hello PJKIII, I have IM'd you. I've figured out my mistake. embarrassing :) Anyway, I would figure oil may have corrected enough. I'm not going long quite yet...need to think it thru. Here's worth a read...

Hey, LOD stands for Low of Day. -looks like I need to read reserve numbers better. I'll work on it, lol. -I'm not an expert, but I saw resistance at $58.50 and $57.10. Looks like the latter to me, for now. cheers p.s....maybe $57.50? lol ...I'm out of my short...

Yup, inventory rise beats estimates by 0.7 million (based on TradetheNews's numbers). Down we go.. LOD? who knows. $58.50? $57.10?