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WTI Crude tested it's 200ma today and again rallied above the 50ma. ITZ via Twitter & on this blog suggested entering a 1/2 position via Proshares UCO @ $28.25 ($28.30 stop). The ETF closed today @ $29.21.
ITZ highlighted a possible right shoulder developing on an Inverted Head & Shoulders pattern, with the Neckline being the daily resistance around the $97 level.
Use a trailing stop on your position, crude should continue higher, but ITZ is cautious here, noting a Negative Divergence, again run a trailing stop & let the market take you out.
18 comments:
Raise stop to $28.60 from $28.30
$UCO let's raise the stop.... $28.90 (entry $28.25 - 1/2 position)
$UCO Hits $28.90 STOP exit 1/2 position with +$0.65 or 2.3%
$SCO 1/2 position $37
$SCO set stop @ $37.10
$SCO raise stop to $37.55
$SCO Stopped out $37.55 for $0.45 gain (+1.21%)
Re-entering 1/2 position on $SCO $37.25
SET STOP on $SCO $37.35
Stop hit exit w/ $0.10 gain
Entering 1/2 position $UCO @ $29.50
$UCO Set Stop @ $29.60
$UCO stopped out +$0.10
$UCO taking 1/2 position @ $29
$UCO look to add 1/2 position @ $28.50
$UCO full position cost basis $28.75, - this is a ST trade position looking to exit intraday
$UCO Set Stop $28.75 *note yesterday's close had possible bad print on some sites, close $28.48. API reported build 4.4M bbl & EIA +3M. $cl_f tested $91.65 & then reversed.
$UCO stop hit...exit break even... in cash
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