CLICK ON CHART TO ENLARGE
Crude bounced off support prior to the news regarding Egypt. After hitting resistance Crude has declined $6 from the highs, in excess of 5%, despite the news from the Mid-east.
Game Plan…Am picking up Crude on support via futures or DBO, with a tight stop. On a side note I am NOT IMPRESSED that Crude has declined more than 5% with the news that is at hand. Crude declining at this time is not the best of signs IMHO. Will cover the longs should support give way and be looking to score on defense.
TA….yes was lucky to by it early yesterday morning at the lower trend line. Even though crude finished lower yesterday, futures investors ended the day in the green. Crude is up a little this morning. Will see where it goes from here.
crude bounced from the lower trend line.
TA…pulling back from the bottom of the line. Not sure what you mean. Thx
Looks like is oil is pulling back up from the bottom trend line.
Now Belsha…that’s not nice! Am I willing to short oil….you BET on a break of support!
Thanks for the great comment,
Chris, maybe this was a freudian slip, and you really wanted to short crude but didn’t dare to admit it!
Drew…You are correct!!! Thanks for the comment, I entered the wrong symbol. It should have read DBO and on the blog is has been corrected. Thanks again, I appreciate the heads up.
DTO is the ultrashort on Crude. Aren’t you getting long here?