I think it is bottoming as we speak. OBV has gone to zero in the past few days on all time frames. Its at support from the spring. Its due for a bounce. I'm in with a tight stop. If it goes below today's low, its hasta la vista time.

Up 6% on OK volume, let's see if it holds

May break out this morning

S&P 500 stock index futures are pointing firmly higher, hinting crude oil is likely to rise amid a broad-based advance in risk sentiment. The chipper mood may quickly come undone however as German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Paris in an attempt to forge a united front ahead of the EU leaders’ summit set to begin on Thursday.

Traders will be looking for a reading on progress toward a compromise arrangement floated toward the end of last week that envisions establishing the roadmap to deeper integration and a firm commitment to follow it (a German imperative) followed by a larger-scale ECB bond purchase program to relieve immediate upward pressure on borrowing costs (a French objective). Signs that an accord has been reached are likely to boost risk appetite and – by extension – the WTI contact. Needless to say, the reverse is likewise the case. The US ISM Non-manufacturing gauge is on tap later in the session, with expectations calling for the service sector to expand at the fastest pace in six months.

http://finance.yahoo.com/news/Oil-Gold-Aim-Higher-Merkel-fxcm-683972348.html?x=0

Confession Time:  I bought some a few days ago at $1.38 support. Got stopped out in a flash price drop. Didnt' have the presence of mind to rebuy, today its up 30%.  Arrggghhhh!

Ok, now I feel better.............

yes, and approaching a big resistance area, let's see how she handles it

I bought the bull flag a few weeks ago and got stopped out. :-(

Looks like those tight BB's on the daily are playing out.  SLV taking a beating today.

Any ideas on where to buy at support?

Oil Service ETF

Bullish break of triangle

thanks RP, great posts!

Daily BB's are very tight. Big move coming?

Yea PEIX is the energizer bunny.  I bought some PEIX at 31cents but took profits at 72 cents. Sure wish I still owned some I tend to take profits early on these micro caps, cuz when they run out of gas they plummet and I've been burned too many times. Better to take profits IMHO and buy back in if it pulls back on light volume.

However, I do own another oil substitute SYNM which I bought at $1.00 and this one  may sit on the tail of PEIX.  It's at a $1.23  right now on very good volume.

 I have been watching it and got a piece of the run up from 30 to 70 cents but I took profits on Nov 1st and haven't touched it since. Still watching it though.

I'm also watching another ethanol, BFRE, which is a 25cent stock with very light volume.  I made some money on that one in the recent run up from 20 to 30cents.           

I also own some SYNM at $1.00      

At the same time I'm very cautious right now as the oil market is near the end of a long upswing and these little guys only pop at the very end of that cycle.  So I have a hand on the eject button at all times.

Love that format

Thanks Matt!

I also got bumped out at the open--my other longs holding up pretty good (so far)

I also bought at the turnaround yesterday but today futures are down to $15. Any suggestions for a stop? Thanks

breaking out on good volume

Breaking out of bull wedge on light volume