This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Oil has climbed all the way back to the 62% retracement and chart resistance. It appears to be stalling here. I would expect it to roll over here, and retest the lows. This looks like a low risk opportunity to get short. My stop would be $60 on a closing basis. The chart is on the next page. I am still learning how to use wordpress, and obviously don’t have it figured out yet. On a positive note, one bad dude has said that I suck, and will never learn to use wordpress. He’s probably right.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
February 6th, 2007 at 6:03 pm
not sure how you want to play oil, but USO moved up to the 50 day EMA. i am watching the chart for a short entry on weakness.
Bring back the Tale dude… we miss it.
February 7th, 2007 at 3:53 am
me too…although i will probably wait for the inventory report at 10:30
hopefully, i will get more time later in the year and bring it back