Wednesday, May 1, 2013

WTI Crude Oil Sells Off: UCO

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WTI Crude Oil is selling off this week, API reported 5 million-barrel rise in crude supply LINK

EIA reported  a build of 6.7 million bbl  LINK

$GASO $UCO weekly chart seems to be making a similar bottom to that of last year May/June period Chart

One could trade $SCO here shorting crude, but be nimble. ITZ is looking to re-enter $UCO very soon.

click on chart to expand image

16 comments:

itzstockchartz said...

Past UCO trades http://itzstockchartz.blogspot.com/2013/04/wti-crude-oil-time-to-get-long.html currently in cash, neither UCO or SCO position

itzstockchartz said...

Entered 1/4 trade this morning $27.60 UCO

itzstockchartz said...

Let's place a stop @ $28.15 again use a trailing stop 8 ema on a 60 minute chart

itzstockchartz said...

Correction using 8ema on 10 minute UCO chart, Set stop $28.25

itzstockchartz said...

STOP $28.50 on 1/4 position UCO

itzstockchartz said...

Stop Hit $28.50 vs morning entry $27.60 nice $0.90 +3.26 profit

itzstockchartz said...

*note- entered small position & kept tight stop - quick trade ahead of Jobs Report tomorrow. ITZ may re-enter UCO...be nimble

itzstockchartz said...

$UCO took 1/4 position$29.75

itzstockchartz said...

$UCO SET STOP $29.90

itzstockchartz said...

$UCO Lets raise stop from $29.90 to $30

itzstockchartz said...

$UCO Raise Stop $30.10

itzstockchartz said...

Stopped out $30.10 for a $0.35 profit (+1.17%) on the day

itzstockchartz said...

$UCO enter 1/4 position $30.50, lower than expected build EIA (200k bbl)

itzstockchartz said...

Set Stop @ $30.50 on entry this morning

itzstockchartz said...

Raise stop to $30.70 $UCO

itzstockchartz said...

stopped @ $30.70 +$0.20