On october 25th, my post called for a long crude position. Some of you may remember that i had mentioned 2 months ago that a long crude position can be considered only if $89 was broken to the upside. Soon after breaking this critical level, crude oil tested the $89 level one more time and pushed higher. This was the first signal. But i waited for confirmation and issued the buy idea later on, with a minimum target of 97. Last week this target was exceeded and crude closed near the next critical barrier of $100 level. This level has acted as a pschological barrier several times in the past. As i write this, crude is retreating from $99.4 high that was reached last week. I am closing out the crude position on monday, to possibly re-enter the long side at a later time.
Long entry for swing trades = between $96 and 95, spread.
Stop loss on this next long entry = 94.5.
Target = initally at 104-107 range, for year end. This will be fine tuned later.
Gain on previous trade = 99 - 92 / 92 = 7.6% in 3 weeks.
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