The recent runup was a result of a perfect storm-turkey,gulf storm, pemex , Iran sanctions, and a technical breakout on the daily chart...the market seems now to be exhausted fundamentally and technically....All i hear on TV is 100$ OIL.
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The Top of Oil
- Thread starter patbateman
- Start date
Stop near b/e at $93.50..no more risk in the trade..Quote from flyingiguana:
calling a top on oil is pretty stupid right now. even if you're right there could be a huge move up with one burp out of the middle east.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=107883&perpage=6&pagenumber=5
Quote from patbateman:
we just saw a top in oil prices today. May the late longs be punished. Bernanke might not cut. The only issue tomorrow is the oil inventory numbers. If it comes out bullish and sells off i think we can assume we wont see 90 again this year.
ImO we had a retracement to 50%, we should see some entry signal soon & I expect oil to continue trend, not reverse.
btw 10 minute chart is already showing a jigsaw pattern in MACD and now 2 minute histogram displayed a bullish pattern, so Long $89.17 (DEC light crude)
I doubt that was 'the' top. Nothing goes straight up or down. At the very least a double top or even a push slightly higher to fake everyone out. That gap down on USO yesterday, I bet it comes back up within a few days.
The demand for oil will not abate anytime soon
The demand for oil will not abate anytime soon
Yes, good buy signal last night so I entered a 2 lot Long trade..first target is hit and my second target is at 91.25 (still holding separate short position)..Quote from JSSPMK:
ImO we had a retracement to 50%, we should see some entry signal soon & I expect oil to continue trend, not reverse.
btw 10 minute chart is already showing a jigsaw pattern in MACD and now 2 minute histogram displayed a bullish pattern, so Long $89.17 (DEC light crude)