

Though I do aknowledge we are in a major uptrend in crude oil, I fell there is an opportunity to take a nice short here. I hope I didn't miss the opportunity last week when oil tested near highs around $75.775. As you can see in the weekly and daily charts, the uptrend is completely intact, but a new channel top can be used to short the futures with risking only to new highs plus a little (to avoid an upthrusting fakeout of shorts). The perfect time to take the trade is the first time it hits that level, which was last week. It is worth watching to see if we retest last weeks high to enter the trade again. Notice how the stochastic is hovering near the oversold area. This gives me more confidence in the trade. As always in an uptrend, be careful taking shorts, but this one looks pretty good to me. Furthermore, I would suggst pulling up some intraday charts to pinpoint a good entry level...or not.
2 comments:
Your comments look right on! I like the charts you have included.
how exciting! now I can not understand what you do every day!
congrats, andy...
j
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