CL Redux

Quote from saliva:

It appears that I got my fill at 70.98. I wasn't feeling too well this morning so I didn't even bother getting out of the bed. I hope you folks took some hefty profit. That slide looks mean as hell.

As I posted earlier in the week, as did a few of you, we've hit the damn trendline on the daily (give or take a few cents from yesterday's LOD), which "should" act as a support. However, this being CL it's hard to make a judgment call. Had this been ES, I woulda said long ago, get your ass on board because we're going up (and we probably would be up!). Speaking of which, CL and ES used to move in synch but they ain't now. If they file for a divorce, I wonder who'll be responsible for the alimony. :D

Have a nice weekend, y'all.
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Im thinking its going to reverse from here. Natural gas made a reversal to the downside today and they seem to be trading opposite to each other. So im long from here with a small position.
Thanks for pointing that trendline out yesterday, I wasn't sure were to go from for the next support
 
If you're a multi-day swinger, or your time-horizon is longer than (uhmmm) 5-minutes like me, you might wanna buy a call option. December 70 call is only $1 a pop!
 
By all account, the daily trendline is broken but the damn thing refuses to die!

Scared to short outright here and equally frightened to jump long. Dilemma, dilemma.
 

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Quote from saliva:

By all account, the daily trendline is broken but the damn thing refuses to die!

Scared to short outright here and equally frightened to jump long. Dilemma, dilemma.
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I've been burnt too many times trying to go long on this thing. I'm currently short, we should be headiNg to 65, remember to keep an eye on the dollar index. The euro just made a two month low against the dollar and the the pound is down as I write this. It also seem that any good economic report lately seem to send the dollar on a tear, and you know what happens to crude after that.
 
Quote from owusu:

I've been burnt too many times trying to go long on this thing. I'm currently short, we should be headiNg to 65, remember to keep an eye on the dollar index. The euro just made a two month low against the dollar and the the pound is down as I write this. It also seem that any good economic report lately seem to send the dollar on a tear, and you know what happens to crude after that.
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shorting @ this level is too much of a risk. CL is down for 7 or 8 trading days in a row. Plus daily RSI is just around 30. I think this is due for a rally. I am not long or short but if this breaks on heavy volume then $65 might be the place to buy some.

daily trend line still intact..
 

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This is what I love about crude. This market will squeeze the juice out of unsuspecting retail traders. Everyone was like we have broken the trend support line and EURUSD is at 1.45 but we still get a leg up.

A piece of advice. Psychology plays more important role than technicals in crude.
 
Careful with them shorts. We're now back above the TL. Personally, I would wait until the low made on Friday is taken out first.
 
Quote from owusu:

I've been burnt too many times trying to go long on this thing. I'm currently short, we should be headiNg to 65, remember to keep an eye on the dollar index. The euro just made a two month low against the dollar and the the pound is down as I write this. It also seem that any good economic report lately seem to send the dollar on a tear, and you know what happens to crude after that.
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That's what you would think considering that the price of oil is directly pegged to the dollar. But, ironically, it's been more in synch with the gold than the dollar of late and you know that dollar and the gold have a reverse corellation.
 
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