Thursday, May 30, 2013

Crude Oil Bounces Back

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WTI crude oil rallied back this morning after the EIA weekly inventory report   @ 11a.m. nearly $2 in 45 minutes.

West Texas Intermediate crude climbed from a four-week low and the dollar tumbled against the euro as worse-than-expected economic data spurred speculation that the Federal Reserve would maintain stimulus measures. read

ITZ has been highlighting a possible complex Inverted H&S right shoulder setting up link



A famous oil trader is warning the shale revolution will only "temporarily" boost oil production while prices will remain high. David Greenberg, Greenberg Capital president and founder, disagrees and explains why he believes the United States will "get this right" and find cheaper ways to extract the oil.

26 comments:

itzstockchartz said...

$UCO re-enter 1/2 position $28.25

itzstockchartz said...

add 1/4 position $27.70

itzstockchartz said...

average cost basis now $28.07 on 3/4 $UCO position

itzstockchartz said...

SET STOP @ $28.45 using 21ema on 5 minute chart for now

itzstockchartz said...

Stop hit $28.45 exit position +1.35%

itzstockchartz said...

$UCO re-entered 1/4 position $28

itzstockchartz said...

$UCO Add to position 1/4 $28.25. Set Stop @ $28.20

itzstockchartz said...

correction stop $28.25

itzstockchartz said...

Adjust stops $28.60 on $28.25 entry & $28.50 on $28 entry

itzstockchartz said...

Crude rallying fast here, suggest using a 5ema on a 5 minute chart
as a trailing stop on entire position

itzstockchartz said...

Exit position @ $29 for a $0.88 +3.11% gain today

itzstockchartz said...

Getting back into $UCO $28.25, looking for a rally into the close, let's take a 1/4 position for now

itzstockchartz said...

Here we go again... set stop $28.30 & or if up by close, sell position

itzstockchartz said...

let's up the stop to 28.40

itzstockchartz said...

UCO trading @ $28.65 w/18 minutes to go. Will take 1/4 position off table going into API & EIA inventory weekly reports tonite/tomorrow.

Bottom line +$0.40 +1.4%

itzstockchartz said...

$UCO entering a 1/4 position ahead of tomorrow's Jobs Report @ $29.28

itzstockchartz said...

Adding to position on open $UCO $28.85

itzstockchartz said...

Added 1/4 position @ $28.85 - currently 1/2 position cost basis $29.07

itzstockchartz said...

Set stop @ $29

itzstockchartz said...

$UCO Raise stop from $29 to $29.50... use 5ema on 5 minute chart for now as a trailing stop

itzstockchartz said...

$UCO moving fast off opening dip set stop $28.80

itzstockchartz said...

Took 1/4 position off table entered y'day @ $29.28 @ $30.08 for +$0.80+2.73%. Maintain remaining 1/4 position stop @ $29.80 entered this morning at $28.85

itzstockchartz said...

$UCO nice pop on crude last few minutes raise that stop from $29.80 to $30

itzstockchartz said...

$UCO RECAP trades for week 5/31 to 6/7>>>
+1.35% +3.11% +1.4% +2.73%
Currently holding 1/4 position cost $29.85, stop @ $30, closed $30.21 +4.7%
Over 13% gain

Also as posted on Twitter, exited $GASX @ $12 entered under $11 ($10.80), closed today $10.92, for those that entered that trade.

*One other observational note, WTI looks like it will most likely test $97, will it break out? If so we could see +100.

itzstockchartz said...

Those following ITZ on Twitter, $SCO entered 6/11 1/4position @ $37.25 & today additional 1/4 position @ $36.50... avg cost $36.88. Looking at $SPX to selloff to 200ma, bring oil down with it, targeting $90 bbl

itzstockchartz said...

$SCO look to add another 1/4 position around $36