CRUDE OIL TRADE ALERT (11:30 pm EST)
We had been waiting for crude oil prices to reach our $68 target (April contract chart). Due to the escalating conflict with Iran, that price was greatly exceeded yesterday and today when prices shot to $77.98 before backing down and closing near $74.50. We are still inside a strong general reversal zone, and we just entered a new reversal zone specifically for crude (March 3 - 12). While it's possible the price could surge higher, today's high looks like a significant top and a good place to unload our long position. I am going to sell my long position in crude (which we entered on Jan. 23 near $60) at tomorrow's market open. The ongoing conflict with Iran will continue to make this a volatile market, but the timing of our trading cycles should help us identify and navigate significant turning points.
We had been waiting for crude oil prices to reach our $68 target (April contract chart). Due to the escalating conflict with Iran, that price was greatly exceeded yesterday and today when prices shot to $77.98 before backing down and closing near $74.50. We are still inside a strong general reversal zone, and we just entered a new reversal zone specifically for crude (March 3 - 12). While it's possible the price could surge higher, today's high looks like a significant top and a good place to unload our long position. I am going to sell my long position in crude (which we entered on Jan. 23 near $60) at tomorrow's market open. The ongoing conflict with Iran will continue to make this a volatile market, but the timing of our trading cycles should help us identify and navigate significant turning points.
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