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Its possible. It has to get past 40.69, then 41.25 first.
WTI 39s are in the door now. Might be best to wait some more. Someone said something about a falling knife?, might be a falling tanker at this point. trade smart folks. GLTA
(on edit: WTI rolling down more. I'm waiting for signs of buying...)
I buy after it confirms to hold at a given support level, usually within a percent either side of the level (in my case for "U", 17.08). That means after turning positive I consider taking a long trading position. How do I establish if it has turned positive? Technical studies. At this point, I have a position in "D", Which I entered early this morning in the pre-market. I plan on taking a position in "U" as soon as I see a trading bottom. Not there yet, next support looks to be 16.75, although it may be breached quickly today as well. Not pretty for oil so far today. I try to make sure to bet on the side of the trend. If you trade like Kam, its probably just important to HAVE a trend. JMO and GLTA
Good mornin' folks! It appears that I missed a lot of the fun on Friday. Oh well, it looks like its heatin' up again in the pre-market, WTI is currently at 40.97 as I type. Perhaps we'll see an opportunity to buy some U at 17.0X or a little below today.
I'll be out of pocket until Monday. Be safe and trade smart!
Way to play it! Wish I was smart enough to do the same.
Support at $17.08. I'll buy when it gets there. I do agree you should get a quick bounce here in the low 18s.
This is fairly easy to trade. Great volume, volatility, and most importantly, resuming the uptrend! Another 4% morning so far.
GLTA!
Looks like oil is trying to start another leg down intraday at least.
Oil trying to find a hold, probably temporarily. I sold just under 110. Very good ST gain for hack like me. GLTA
"DOWN goes Frazier!"
Any report with draws less than expected should make this puppy move.
Judging from the price climbing now , expectations must be for some big draws.
I don't know 'bout no API. But chart says it does look like U is headin' for ....20...19...18.
Yep. I just found the difference. The simple 200 day moving average for wti is right at 41. I was using the exponential moving average which was already broken to the downside. Thanks again.
OK, I'll have to take your word for it until I get a chance to verify. Thanks for the quick reply.
Maybe its too early for me, but my WTI is already below the 200 day exponential moving average. AM I wrong here?
After 42+/- I don't see much support until 35.50 then 26. It should get a bounce here somewhere, but I'll be adding to "D" position on any oil bounce. jmo
glta
Next support looks to be 18.70, then 16.70. Might take awhile to get there if U can close above 21.
$43.05 with $42s looking on the way.
I pegged trading support at 21.18. Its below that now. Might be better for me to wait for a close above that to nibble. I'm hiding out in "D" for the moment, maybe for a good while.
Thanks Kam!
Sold at 95.60. May kick myself later, but for now st just a bit overdone, may jump in in a few minutes...haha. GLTA
UWTI hit the upper(downward sloping) trendline in the pre market this morning right at 23.80 and is backing off from there. My guess is selling of oil will continue until UWTI reaches support at 22 even. Don't know how long it will take, perhaps today sometime but no more than three trading days. If it fails support at 22, I think DWTI is off to the races.
(on edit: before I let my bias dominate here, allow me to add that while unlikely IMO, UWTI could break the downward sloping trendline to the upside)
Of course this is just my opinion and not intended to be investment or trading advice. GLTA
At 1:00 am ct, WTI touched down to 44.4...Gonna be wild in awhile.
I'll bet Kam was really trading those options today!
Let me know when it hits 24.27, maybe I'll buy some too!
You guys play rough.
Gosh...I'm soooo confused! Which one of you is telling me the truth??? WAAAAAHHHHH...
I agree, that's why we're watchin it!
In my area of trading, a percent either way from a resistance or support level has to be a given. I'm not nearly as precise as I'd like to be, as direction of the larger move is critical.
It appears that there is good resistance at the low 27 area for U, along with the $ index lifting on its chart.
Bought back into D as it is very near support...
glta
IMO U's price resistance is at 27.08 or so. I'm waiting to see if it breaks either way before taking a st position in either U or D.
Locked in 11% on D today, learning to be more patient. How'd you do?
Well, it was well worth holding D overnight. Sold today for 11% after averaging down a few buys yesterday.
Come on WTI! Hit 46.87...you can do it!
Enough that I'll buy more if it comes down more.
Yes! Was able to buy some D at a good price.
I grabbed some at 83. Now let's see if WTI hits a wall.
Pre market D is in the low 80's. I suppose its REALLY time to hop on board, at least for me. JMO
Agreed. Seems closer to 43 than 46.