Bullish on OIL @ $51.30

Hi, thanks 4 link, I'll check it out.

As far as historical events are concerned they tend to stop repeating at some point as u know, so I remain upside biased only because I see potential in charts.
 
Short 41.6, stop 41.8

Stopped

Long if 42.5 is breached, with stop just below $40, adjusting size to fit risk

Short same level

Out @ entry, this is too choppy, noise

I'll wait for 42.5 now
 
Bearish outlook, will wait for breach of support, not bullish any more at this point in time. Triple declining peaks suggest continuation of bear phase, OPEC we feel for ya...

...NOT!!!

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2297330>
 

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Market popped off of $34,60- $34,45 Support last hour but continues to find sellers against $3530- $3565 Resis area. Overall outlook remains bearish with continued failures against $35,30-$35,65 ultimately targeting $33,80- $33,25 today. A push thru $35,65 PIVOT into the close marks a short term reversal with a target range at $36,25- $36,55 Resis.

The Inter-month spread is trading right now at -2.75, If this break the -3.14 barrier I will enter again (in the spread).


regards.

BTW: President Obama, should be filling the Strategic Petroleum Reserve right now. Buying $34, $40, $44 oil would be like rolling back the clock ten years. …200-300 million barrels to the inventory at a $8 -$12 billion cost and relax a bit.
 
What will oil do on Monday (March 1)? Session high before the low; closing down on the previous close.

OK lets look at Friday (Feb 27 2009). Here is how CL ran, open to close: up 67, down 76, up 91, down 130, up 173, down 63, up 57, down 80, up 63, down 69 & up 140.

For day trading, enough swings and a nice little day with good points available.

".. ah bubbling crude.. oil that is .. black gold .. Texas tea"
:cool:
 
Quote from Champion:

What will oil do on Monday? Session high before the low; closing down on the previous close.
More...
Just lets check that. Well, sure, the high came in before the low today. The high first at 10.02am, 41 points above the open and then the session low followed at 11.47am, 183 points below the open. Closing down on the previous close - of course. CL closed today (Mon March 2) 461 points below the previous close (Fri).

Now how difficult was that? Well making general calls is not trading but here you see it providing the price framewowrk in advance of your trading day. Remember this call was posted long before the open.:cool:
 
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