The Top of Oil

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)
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1/3 +$1.20
1/3 +$2.00
1/3 +$4 gain
 
despite my sarcastic laughter (and entering short before the report at 91.40, and still short), I am thinking this may be the top.

Those inventory #s aren't really supported by the distillate and gasoline very well. If you count the surplus of products, the report isn't -that- bullish considering how far we've come. Everyone remains still long.


But what a lesson ...
 
Bias is only worthy when backed up by a valid technical pattern, otherwise you are open to DDs, sometimes massive DDs and it is really not worth it :)
 
May be the fed save the day for the CL shorts, who knows...

So far we have a double top around 93.70 and a market pushing, anything can happen but i wouldn't short if the market closes above the prior high...
 
Quote from chauncey1:

May be the fed save the day for the CL shorts, who knows...

So far we have a double top around 93.70 and a market pushing, anything can happen but i wouldn't short if the market closes above the prior high...
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Excuse me, but a double top becomes double top when support is broken after a re-test, so far there is just a re-test, hence no double top, just a prediction :)
 
Quote from JSSPMK:

I've very briefly exchanged opinions on oil with a guy that lives & works for an oil Co in Qatar and his opinion was that there is a lack of refineries. He added that these are 'magical times' at the mo.
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Fire in a oil refinery, fresh news:

http://www.iht.com/articles/ap/2007/10/31/europe/EU-GEN-Britain-Refinery-Fire.php

That fire + comments from the oil bloke + bullish pattern completing this morning.

Almost forgot, gents, Oil is in an uptrend :)
 
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.
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Thanks for playing! We've got some nice parting gifts for you - a slightly used toothbrush and an autographed picture of Stock_trad3r for the missus, along with a "Best of Bull and Bear Analytics" DVD.
 
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