Posted by dodgerdog on 18th of Jul 2008 at 07:59 am
Oil is technically broken - unless some big geopolitical event
transpires I would use rallies to sell crude oil and look to other
areas for the next several weeks at least. Many people became
complacent here and thus got trapped and will be looking to sell on
any rallies. Most oil stocks are now oversold but truthfully
look awful on the charts suggesting lower prices over time.
Watch for a possible backtest of the broken uptrend line which
has a good chance of occurring before further selling unfolds.
Posted by wondernut98 on 18th of Jul 2008 at 12:24 pm
If the talks with Iran go well over
the week end it will be oil at 100. I think GS has big
positions on the oil futures and needs to get the price back
up.
just listening to an oil floor trader saying oil is deeply
oversold for a variety of reasons, - Korea, technically, he can see
a short-covering rally next week. He doesn't see it going
lower than around 122 . . . . we'll see.
Crude Oil
Traders - Define Yourself
Posted by dodgerdog on 18th of Jul 2008 at 07:59 am
Oil is technically broken - unless some big geopolitical event transpires I would use rallies to sell crude oil and look to other areas for the next several weeks at least. Many people became complacent here and thus got trapped and will be looking to sell on any rallies. Most oil stocks are now oversold but truthfully look awful on the charts suggesting lower prices over time.
Watch for a possible backtest of the broken uptrend line which has a good chance of occurring before further selling unfolds.
GS came out and reiterated
Posted by dylan398 on 18th of Jul 2008 at 10:03 am
GS came out and reiterated oil to 150.......shame on them....couldn't even let oil break for a few days..greedy bastages
Oil at 150
Posted by wondernut98 on 18th of Jul 2008 at 12:24 pm
If the talks with Iran go well over the week end it will be oil at 100. I think GS has big positions on the oil futures and needs to get the price back up.
just listening to an oil
Posted by Michael on 18th of Jul 2008 at 12:32 pm
just listening to an oil floor trader saying oil is deeply oversold for a variety of reasons, - Korea, technically, he can see a short-covering rally next week. He doesn't see it going lower than around 122 . . . . we'll see.
Hum .. Interesting call by
Posted by cspirit on 18th of Jul 2008 at 10:09 am
Hum .. Interesting call by GS. I just went long DTO at 10AM when Oil backtested near $132. First small entry postion. I guess will see what happens
Matt/Dodger - Thoughts on DTO entry point at 132 since trendline and 50EMA was lost yesterday? I waited for backtest back to 132 for my entry.
Chris