Oil: Trading Opportunity

July 23rd, 2008

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

Oil longs, lock and load. WTI @ $126 even, stop $125.70.

I already provided the strategy and background for this in a previous post.

Watch yourself. You’ve got bearish engulfing on the weekly…

Either that weekly stochastic is going to go for a full oscillation down, or it isn’t. Right now, you’ve got daily stochastic cross up with the price just above the 20 EMA on the weekly. Make or break, right now. This is a worth a shot on the long side for those who know how to manage it.

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