Wednesday, December 16, 2009

Update crude oil trade symbol wti

Yesterdays crude call worked out (t1 73.97, t2 75.24) with target 1 being exceeded. can move sl up and target next targets or look for a pull back (if there's one) but crude is now in bull territory above my daily long term pivot of 71.89. long range bull targets are t3 76.21, t4 78.97. no strategy yet on the playing the longer term targets. have changed bull targets 3 and 4 after move. these are not just my bull targets but what i fell to be important levels. if price goes below my pivot (71.89) this will all change at least temporarily until a trend has been established. at the moment 30m timeframe supports long time-frame (daily) with higher short term lows although 30m is overbaught at the moment but on the daily there is still room to run. t2 and t3 are definitely possible at this point and t4 would put crude at new 2009 highs. well have to wait and see if the oil market is as bullish as it looks. fundamental drivers were words from opec and inventory declines.

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