It a game where for every buyer there is a seller. You look for signs of accumulation and you try to trade on the side of the big boys who are many times more patient and prescient than you.
- Bearish rising wedge on XLE
- Questionable fundamental outlook on oil remains
- Much better opportunity in precious metals
I bought this at 5.7, 7.7, 7.27, and sold it at 7.1 for a modest profit. I had, of course, wished I sold it at its peak. Today it looks ready to run again, I'm back in at 6.63.
- coming out of oversol stochastic
- good fundamental news for oil
- room to run on RSI
- bouncing off 50MA. Will likely stop out around 6.