CRUDE OIL TRADE ALERT (3:00 pm EST)
After rallying last week from Wednesday's low of $57.42 (March contract chart), crude oil prices are falling today and have broken below that low. In Wednesday's blog on crude I suggested entering a long position the next morning (Thursday) with a stop loss at the low of the week. It looks like we are closing below that low ($57.42) so I am going to sell my long position now. We are taking a small loss here, but we may jump back in if crude bottoms later this week or early next and shows signs of reversing back up. Selling my long position in crude today.
After rallying last week from Wednesday's low of $57.42 (March contract chart), crude oil prices are falling today and have broken below that low. In Wednesday's blog on crude I suggested entering a long position the next morning (Thursday) with a stop loss at the low of the week. It looks like we are closing below that low ($57.42) so I am going to sell my long position now. We are taking a small loss here, but we may jump back in if crude bottoms later this week or early next and shows signs of reversing back up. Selling my long position in crude today.
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