I found this ticker from thinkorswim prophet chart.
Interesting to see that the ticker went up from March low to May high from $4 to $20.
500% gain!
It then pulledback, and starting give upside sign on June 23, and is creating higher low and high again.
Today it hit resistant MA 200, when it break above it, it will show another bullish sign.
Currently index is in pullback mode, earning season will determine the next move.
When index confirmed the upside play, I would like to play this counter.
Happy Trading!
Best regards
Snip
Wednesday, July 15, 2009
Earning Season and Crude oil
US market is entering earning season. This season will determine whether the bull still has more leg to come.
Also for speculative option player, earning season will be like theme park time.
Oil has dropped from $73 to $59 after big analyst raise oil target to $75.
The last oil bull market also ended when the big analyst raise oil target to $200.
Seems there is a pattern here.
I think the oil speculator is taking their profit from oil so the oil price is dropped. Oil is not really controlled by fundamental demand. When the money flow to oil, the price will go up whether supported by fundamental data or not.
We should follow the money. Currently the money is flowing out from oil. When the money flow to oil again, we should be ready and ride again. But until then, oil will continue go down or hover between support level of $59.
From today oil chart (hourly) oil is making one higher high and low, we should see whether it can create another higher high and low . When it does, be prepared to enter oil again with small portion of your money or according to your money management.
Happy Trading!
Best regards
Snip
Also for speculative option player, earning season will be like theme park time.
Oil has dropped from $73 to $59 after big analyst raise oil target to $75.
The last oil bull market also ended when the big analyst raise oil target to $200.
Seems there is a pattern here.
I think the oil speculator is taking their profit from oil so the oil price is dropped. Oil is not really controlled by fundamental demand. When the money flow to oil, the price will go up whether supported by fundamental data or not.
We should follow the money. Currently the money is flowing out from oil. When the money flow to oil again, we should be ready and ride again. But until then, oil will continue go down or hover between support level of $59.
From today oil chart (hourly) oil is making one higher high and low, we should see whether it can create another higher high and low . When it does, be prepared to enter oil again with small portion of your money or according to your money management.
Happy Trading!
Best regards
Snip
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