3.20.2008

technicals -crude


Crude getting rocked again by $2+ and checking the charts (click on chart) it looks like support from the trend lines should show in the $94 area. I will be looking to buy USO as it coincides with the mid 90's on the crude chart. It is doubtful that crude gets a lot more down side than those levels and I suspect our friend Boone may come out at that point and say its straight up to $130 from those levels.
Markets selling off a bit on the heels of a halt in trading on CIT- participants betting its not a positive reinforcement.

3 Comments:

Blogger Alex said...

David,

what do you use as your charting software? Thanks.

3:27 PM  
Blogger DAVID said...

That was a tradestation chart-

4:19 PM  
Blogger upsidetrader said...

hey shark
covered half my uso short today just in case and i agree with your thinking, but thought we might bounce early next week- 101 to 88 in a week and i didn't want to be a pig-have a great weekend

6:19 PM  

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