CRUDE OIL TRADE ALERT (12:15 am EST)
After looking over the crude oil charts some more, I have decided to enter a long position in crude for today's market open. Cycle analysis and timing factors are strongly suggesting an imminent short-term rally.
The target for this rally is around $34 which would be a gain of about 10% from the current price. We can place a stop loss for this trade on a close below last Friday's low around $28.30. This will likely be a short-term trade. I may even take profits, reverse my position and sell short should we achieve the target price by mid-February to ride another correction down to still lower prices. Some traders may just want to wait for that short sell. Entering a long position in crude oil early this morning (Jan. 19).
After looking over the crude oil charts some more, I have decided to enter a long position in crude for today's market open. Cycle analysis and timing factors are strongly suggesting an imminent short-term rally.
The target for this rally is around $34 which would be a gain of about 10% from the current price. We can place a stop loss for this trade on a close below last Friday's low around $28.30. This will likely be a short-term trade. I may even take profits, reverse my position and sell short should we achieve the target price by mid-February to ride another correction down to still lower prices. Some traders may just want to wait for that short sell. Entering a long position in crude oil early this morning (Jan. 19).
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