Oil seems to be making lower highs each intermediate cycle. It's about time for the current intermediate cycle to turn downwards.
It's rather close to recent highs so this offers a decent risk-reward for a short position.
Buying SCO here, stop @ at the 9/28 high of $52.60 in oil. In SCO this is tight, about $1 or 3% risk.
I don't really have a strong opinion about Oil. But if it's a bear market, this is a good entry.
It's rather close to recent highs so this offers a decent risk-reward for a short position.
Buying SCO here, stop @ at the 9/28 high of $52.60 in oil. In SCO this is tight, about $1 or 3% risk.
I don't really have a strong opinion about Oil. But if it's a bear market, this is a good entry.
Trade active:
Well that was quick, it's turned lower already (Iraq news or something?) and it looks like a top is in.
Added more, I'm a bit overweight on this trade now, with risk level is still comfortably small.
I'm looking for a lower low (below 49) but will probably sell partial on a test of the converging 50 & 200 ma.
Added more, I'm a bit overweight on this trade now, with risk level is still comfortably small.
I'm looking for a lower low (below 49) but will probably sell partial on a test of the converging 50 & 200 ma.
Trade closed: stop reached:
Nope.
Oil is really strong. Energy companies look strong, too.
I'll wait and see if Oil backtests this breakout, and consider adding energy companies.
Oil is really strong. Energy companies look strong, too.
I'll wait and see if Oil backtests this breakout, and consider adding energy companies.