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Massive Crude Oil Rally – what next?

Massive Crude Oil Rally - what next?

We were sitting pretty with the breakout of the crude oil trade if you took the trade.. it would have been over 200 points in profit if you had traded it. I had mentioned that if price has moved above the support/resistance line, you should be wary of it's ability to go lower. Today, the market rallied and from the bottom to where it is now, it jumped 300 points. Obviously for anyone who is still holding this trade, it's a tough one as no one never likes to see a huge profit become a loss...

September 27, 2012 No Comments Full Story

Crude Oil breaks support and heads south

Crude Oil breaks support and heads south

As per yesterdays post, Crude Oil indeed broke through support and headed south. The move was pretty much down all the way until it got around the round number 89.00 when we saw some buyers.. the price has gone up since the low of 88.94 to now 90.14 but the trend is still down for this. For those who are short, despite the buyers below, so long as the price doesn't go back above support (now resistance) you should be ok. I would move the stop down to 92.00 or so however to lower the risk

September 26, 2012 No Comments Full Story

Crude Oil looks good for a short setup

Crude Oil looks good for a short setup

Below is a picture of the Crude Oil price chart... ok, at this level it doesn't look that interesting... But if you zoom in a bit more... This is what I am seeing. The price made a high at A but fell rather strongly.. it even fell through the support line shown where it found support a bit lower down. However, confirmation of the support line which becomes resistance via the pin bar shows that sellers are now present here driving the price down. The price is right on support but

September 25, 2012 No Comments Full Story

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