Stop point is if OIH breaches bellow $85 area and next buy point is if OIH move above $100.
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.
Stop point is if OIH breaches bellow $85 area and next buy point is if OIH move above $100.
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2 comments:
First time on the blog. I will add you to my blog roll. Take a look at my blog if you get a chance and feel fre to add me to yours.
Jay
http://tradingwiththeaveragejay.blogspot.com/
nice call, OIH at 100 today.
G
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