14 October 2009

Crude Oil : Breakout above 75

  • Thanks PE and CE for drawing my attention to this chart.
  • Charts looking positive on all Tide Wave and Ripple, punching out above multi-week congestion zone
  • Have just gone long CLZ9 at 75.50, 1.0% EAR
  • At odds with attempt to anticipate turn lower in Nikkei and Simsci .. but hey ... thats not what chart following is about.
  • BUT .. for the record, I have never ever made money trading crude before .. not even once.
  • From the monthly chart, reasonable objective would be around 85-90. Of course we have to close above 75 first to confirm the break.

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