Subscribe in a reader WTI Crude Oil is now testing ITZ $99/$98 downside target. READ Oct 9th Post
Below Chart: December Crude chart up against Proshares Ultrashort Crude Oil (SCO) ITZ has entered Three 1/4 positions $27.80; $27.25 & $30.75 LINK
ITZ suggests using an 8-ema on the daily chart as a trailing stop currently $30.75
Link to Weekly CLZ13 and COT
Dennis Gartman: noted on CNBC that WTI Crude is heading to $85 LINK
5 comments:
Crude is nearing $96 bbl, ITZ suggested using a trailing stop 8ema on daily or a 21ema on a 60 minute chart. Dependent on how tight a stop you wish to have.
ITZ entered $SCO with three 1/4 positions $27.80; $27.25 & $30.71.
1st stop level hit using 60 minute chart 21-ema @ $32.65
Exit 1/4 position entered $30.75 - 32.65 for +1.90 +6.18%
Use the daily 8-ema as a stop for remaining ($27.80 & $27.25 cost)
Entering 1/4 position in UCO @ $31.80
SCO hits 8ema on daily $31.85, stopped out of position.
remaining 1/2 position - entered 1/4 position @ $27.80 & $27.25 exit with a $4.32 gain for +15.7%
Adding to Proshares UCO position here 1/4 position @$32.50...adding to previous initial buy @ $31.80 SET STOP @ $31.80
UCO hit stop $31.80, cost basis $32.15... loss 35 cents for 1%. Crude selling off... currently no position, will look to re-enter UCO
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