Subscribe in a reader WTI Crude Oil is testing $93 level, ITZ is looking to get long here, or to start building a long position in Proshares Ultra Crude Oil ETF (UCO)
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Mark Fisher: Why I'm looking to buy oil
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9 comments:
Crude's decline (near term) reversed @ the $93 level, around 1 pm y'day post Fisher's comments. Proshares UCO is currently testing $30.35. We could see a pullback in crude to retest $93 maybe head lower. EIA weekly inventory came in +1.6M bbl. For those trading UCO set stop above cost basis. ITZ is more swing trading this on a weekly level and is looking to add to the position...more to come
Crude now trading back below $94, looking to add another 1/4 position to $UCO around $29.50ish... follow on Twitter for up to date posts
CLZ13 tested $94 this morning $UCO added @ $29.60. Currently @ 1/2 position $29.25 & $29.60
Will add to UCO, on CL_F move above $95.30 or UCO $30.30 (1/4 position. Last 1/4 position on crude breakout of descending channel around $96
Added 3rd 1/4 position in UCO $30.30....
$29.25, $29.60, $30.30 avg cost basis $29.72
using $92 WTI crude level as a stop on $UCO position
Set STOP CL_F $92 or UCO $28 -EIA weekly inventory in a few minutes. If stopped out will be on sidelines and looking to re enter again (UCO)
Raise current stop from $28 to $31
UCO $31 STOP hit, exited all 3/4 position for +1.28 gain or +4.31%
Looking to re-enter position follow on Twitter
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