Monday, February 28, 2011

OIL watch update 03-01

I sold my position in the OIL etf last week at $26.70.  Tried to reenter later , but got stopped out with a small loss.  So I am sitting on the sidelines watching.  We all are aware of the events in the Mid East that could affect the price of oil.  If things quiet down oil could fall.  It things heat up oil could rise.  I have no idea how to predict these things.

So, I fall back on TA and what it projects.  There is a huge gap that is unfilled.  OIL seems to want to pullback.  Projections indicate we should have set a top (sell signals from CCI and channel envelopes).  Based on the cycles it looks like OIL should pull back the next 8-10 days into mid-Mar.  So I will be watching for a new/better entry point for OIL. 

Here is a current chart:
GL traders.  Do your own analysis.

1 comment:

  1. oil back ovr $100. Are we setting a double top? Maybe. See projected tops timeline bottom right corner of chart.