Looking to Go Long on Oil
Now that Oil has fallen to the level that I suspected it would I am looking to go long. I am long at 29.95 and will wait for oil to rise to retest the previous highs if it does. I would think that 31.30 is easily achievable and perhaps higher as a target. if it collapses below 29.30 then I will exit and look to reenter long at a more desirable level. The USD/CAD is also looking ripe for a sell off in the near future too so that is your hint as to what will likely happen to oil.
In the other markets I am looking to get long on stocks at a particular point. I think that the S&P might be good for a long in this area although we might see 1850 again. You may wish to go long on the open as this could be the best way to play it.
The only piece of news coming out later is the US Consumer confidence and the bar is set to as expected where it might print a little lower than the 95.6 level that they are projecting in light of the markets falling as much as they have lately. Not a big event so nothing to worry about. If oil is going to rally at all it will likely be in this area. So keep in mind that we are looking at it moving up over the week. It would not surprise me to see it move down further taking out the stops of the early entries and the trader buying the dips. So keep that in mind.
Wishing you good trading:)
In the other markets I am looking to get long on stocks at a particular point. I think that the S&P might be good for a long in this area although we might see 1850 again. You may wish to go long on the open as this could be the best way to play it.
The only piece of news coming out later is the US Consumer confidence and the bar is set to as expected where it might print a little lower than the 95.6 level that they are projecting in light of the markets falling as much as they have lately. Not a big event so nothing to worry about. If oil is going to rally at all it will likely be in this area. So keep in mind that we are looking at it moving up over the week. It would not surprise me to see it move down further taking out the stops of the early entries and the trader buying the dips. So keep that in mind.
Wishing you good trading:)
No comments:
Post a Comment