Friday, July 10, 2009

OIL at major inflection point

I opened up a new LONG position trade by buying AUG 95 call options for OIH yesterday at an average price of $3.80. The trade is based on the idea that DUG (inverse ETF) is to resume downtrend from here after touching a major resistance line (see 2 year char) and reversal pivot point at 38% retracement area.

Stop point is if OIH breaches bellow $85 area and next buy point is if OIH move above $100.


2 comments:

The Average Jay said...

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Jay

http://tradingwiththeaveragejay.blogspot.com/

Anonymous said...

nice call, OIH at 100 today.
G