Subscribe in a reader WTI Crude Oil is selling off, ITZ has 2 charts today an 8-hour with an Inverted Head & Shoulders pattern. We're seeing a throwback to the neckline as well as testing support on an ascending channel. A break above $97 could see a Measured Move to $102. However if the IH&S is negated we could see further selling, possibly to $89/$90 testing the support level on the Daily as well as weekly Pennant. Itz is currently in cash on the Proshares UCO & SCO trade. Looking to hear what Chairman Bernanke has to say & the U.S. Dollar's move. Follow on Twitter
8 comments:
Looking to enter 1/4 position around $29
Set Stop @ entry level $29... looking to add to position...will post as indicators give signal --follow on Twitter
Raise stop to $29.20
Added to position (1/4/) $29.50
Raise Stop to $29.50 - entered 1/4 positions $29 & $29.60 currently @ $30.15
OK that's use a trailing stop now, on 60 minute chart 21 ema currently $30 on UCO (avg cost basis $29.25)
$UCO looks like will open slightly under $30 stop, let's sell it, cost basis $29.25. 1/2 position
$UCO 1/2 position sold @ $29.89 for $0.64 +2.18% gain
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