Subscribe in a reader 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:
$UCO re-enter 1/2 position $28.25
add 1/4 position $27.70
average cost basis now $28.07 on 3/4 $UCO position
SET STOP @ $28.45 using 21ema on 5 minute chart for now
Stop hit $28.45 exit position +1.35%
$UCO re-entered 1/4 position $28
$UCO Add to position 1/4 $28.25. Set Stop @ $28.20
correction stop $28.25
Adjust stops $28.60 on $28.25 entry & $28.50 on $28 entry
Crude rallying fast here, suggest using a 5ema on a 5 minute chart
as a trailing stop on entire position
Exit position @ $29 for a $0.88 +3.11% gain today
Getting back into $UCO $28.25, looking for a rally into the close, let's take a 1/4 position for now
Here we go again... set stop $28.30 & or if up by close, sell position
let's up the stop to 28.40
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%
$UCO entering a 1/4 position ahead of tomorrow's Jobs Report @ $29.28
Adding to position on open $UCO $28.85
Added 1/4 position @ $28.85 - currently 1/2 position cost basis $29.07
Set stop @ $29
$UCO Raise stop from $29 to $29.50... use 5ema on 5 minute chart for now as a trailing stop
$UCO moving fast off opening dip set stop $28.80
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
$UCO nice pop on crude last few minutes raise that stop from $29.80 to $30
$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.
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
$SCO look to add another 1/4 position around $36
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