CRUDE OIL TRADE ALERT (3:15 pm EST)
After looking over the charts for crude oil, I've decided to sell my long position. Today prices rallied a bit, and we are back to a "break even" point in our long trade (which we entered on Dec. 14) so we should be able to get out now with little or no loss. There are several short-term signals now that look bearish and they are increasing my fears that prices could break lower (i.e. below $70, and especially below $67.98 - Feb. contract chart). Any traders who are more risk tolerant could still use those prices as stop loss points, but I am going to play it safe here and get out.
I am selling my long position in crude oil today.
After looking over the charts for crude oil, I've decided to sell my long position. Today prices rallied a bit, and we are back to a "break even" point in our long trade (which we entered on Dec. 14) so we should be able to get out now with little or no loss. There are several short-term signals now that look bearish and they are increasing my fears that prices could break lower (i.e. below $70, and especially below $67.98 - Feb. contract chart). Any traders who are more risk tolerant could still use those prices as stop loss points, but I am going to play it safe here and get out.
I am selling my long position in crude oil today.
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