none, this is just my personal commentary based on my analysis...again...trade of your own research...
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20 reasons why Oil to NEVER hit $135.00 again...dated: May 22, 2008
- Thread starter increasenow
- Start date
Quote from JSSPMK:
You don't make a statement like the OP has, it feels silly to even post here, as nobody knows whether $135 will or won't be hit "ever again".
Increase, experience teaches us that there is no such word as never/ever when it comes to price oscillation cycles especially so when price has already been there, I wouldn't even argue about it if I were you as you wouldn't make a statement like that with a fully loaded gun next to your loaf, would you now?
As far as rational conversation is concerned I offer my analyses in a form of just a chart, this is a daily chart which now depicts a triple divergence which does point to at least a retrace, that is in the face of a still bullish weekly chart, hence I would say a retracement at this point, for a complete turnaround it would not be unreasonable to expect a double top formation to squeeze traders coming in on a weakening price action here, that's why I use small stops & let big players shake/squeeze each other, no need to have massive stops as your bias just might be wrong & CL is a rather big contract.
To underline, ImPO a target of 115 is based on average retrace range of the formed divergence & if this is the turnaround time then expect some sort of news as well, as charts show interest distribution before news hit the wire more often than not.
Best to all!
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Quote from JSSPMK:
To underline, ImPO a target of 115 is based on average retrace range of the formed divergence & if this is the turnaround time then expect some sort of news as well, as charts show interest distribution before news hit the wire more often than not.QUOTE]thanks JSSPMK...great post...I agree...see perhaps a double top of $133- $134 possible, possibly and then heading downward...really believe we will be back in $110-$120 range soon...thanks...
note this Energy Report May 28 http://www.alaron.com/energy_report.aspx?blogmonth=5&blogday=28&blogyear=2008&blogid=80
shorted 1 CL contract today for profit (real $$$ trading and not SIM)
looking for $120 to be broken short term...will be back in the $115-$120 trading range..