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United States Oil Message Board

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  • tgzo123 tgzo123 Dec 12, 2008 2:58 PM Flag

    Symboltrader, how does it feel to lose money?

    you are kidding, macronews now cease to matter for oil, it's trading purely on a technical basis and the desire for traders to take this higher.

    Do you study simple price volume? Have you studied the volume on the OIL ETFs recently (DXO on NYSE, HOU on TSX) like I did. If you did and in combination with the price graph, you will find an extremely convincing argument that oil is going higher probably to $60 to $70 in a couple of months.

    Historical high volumes always preceded trend changes on these ETFs.

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