CL Redux

Quote from ammo:

long 89.37 off that tag
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ammo is the 800 pound gorilla


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Quote from JMC:

Hope somebody caught that short off of the moving average around 11:17am. Nice when CL moves like this.
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Catching it there would have been difficult (at least it was to me). At that point i didn't have much of a clue whether it was going to rally or collapse. Already being so overextended to the downside, one would expect a rally.

In the longer term horizon, CL is in teh area of a major low. I never long term trade oil, just day trade is my game with the CL. GC is my longer term swing trading vehicle. But i am extremely tempted to enter into a long CL position at these levels. I think a minimum of $10 to the upside will come once this bottom is made. And the bottom will happen above $87 in my opinion. Even if it does go below $87, if it fits your personality to sit through losses, i highly highly doubt that this trade will cause a loss. Even if it falls to $85, a counter trend rally will bring it back up to $89 so you can get out at a zero loss. Unfortunately, it's not in my personality to be able to sit through such losses, lol, so this trade is probably not for me.
 
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