Monday, March 11, 2013

WTI Crude Oil - More Downside?

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ITZ suggested shorting WTI crude oil @ $98 with a $89/$90 near term target. We're seeing a bounce here, could test $92.50, that said ITZ believes $83bbl as a possible downside target.

Update on Proshares UltraShort Crude Oil ETF (SCO): entered 1/4 position Jan 23rd $37 stopped 3/1 @ $41.80; entered 1/4 position 2/8/13 $36.60, stopped 3/7/13 @ $41; remaining 1/4 position entered 1/29/13 @ $36 using 21 ema as stop $39.78~ should WTI break under $89bbl, looking to add to SCO position.




29 comments:

itzstockchartz said...

Hit stop $39.65 exited 1/29/13 $36 entry... currently no position looking to reenter follow ITZ on Twitter

itzstockchartz said...

Crude close to $94bbl, $SCO 39.20 reentering with 1/4 position

itzstockchartz said...

Entered 1/4 position @ $39.30 this morning- @ $93.76 WTI puts in a 50% retracement

itzstockchartz said...

suggest placing stop on 1/4 position $39.40

itzstockchartz said...

Exited position @ $40 looking to reenter

itzstockchartz said...

Crude is volatile off of Cyprus banking news.... re-entered 1/4 position $39.50 stop set $39.10

itzstockchartz said...

Stopped out $39.10 - sidelines for now...let things settle out for now

itzstockchartz said...

re-entering taking a 1/2 position here @ $39.25 $39.00 STOP

itzstockchartz said...

Raise STOP from $39.00 to $39.30

itzstockchartz said...

Raise stop again $39.70

itzstockchartz said...

Stopped out 1/2 position $39.70 entered earlier $39.25

itzstockchartz said...

getting back in $39.70 with a tight stop $39.63 (1/4 position trade)

itzstockchartz said...

raise stop to $39.75 from $39.63

itzstockchartz said...

UPDATE - use an 8ema on 5 minute chart as a trailing stop on SCO

itzstockchartz said...

Stopped $40.17 +$0.47

itzstockchartz said...

Re-enter 1/4 position $40.15 $40 stop

itzstockchartz said...

Stopped out 1/4 position @ $40 for a 15cent loss

itzstockchartz said...

ree-entered SCO with 1/2 position @ $38.45 stop set $38

itzstockchartz said...

Stopped out of 1/2 position @ $38 for 45cent loss

itzstockchartz said...

Re-entered $SCO $38.35 stop $38

itzstockchartz said...

Raise stop on 1/2 position entered @ $38.25 to $38.50

itzstockchartz said...

$SCO stopped out $38.50 +$0.25

itzstockchartz said...

$SCO entered this morning 1/2 position @ $37.20 Stop set @ $37

itzstockchartz said...

stopped out $37 20 cent loss

itzstockchartz said...

Re-entered $SCO $37 (1/2 position) stop $36.25

itzstockchartz said...

Raise STOP to $37 from $36.25

itzstockchartz said...

Raise STOP from $37 to $37.75

itzstockchartz said...

Raise STOP on 1/2 position from $37.75 to $38.50 ( entered position this morning @ $37)

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