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North American Energy Partners Inc. Message Board

  • chemaes44 chemaes44 May 9, 2011 8:56 AM Flag

    Oil & silver week of May 9, 2011

    I'll hazard a guess that oil goes up from here to $104.80 to $105.00. This is the area it should bounce up to given the bearish thrust that happened last week. If it get's above this price the situation is no longer bearish, however if it is repelled by this price $85.80 is a valid target.

    I only feel comfortable given these price targets for 24 hr intervals. This means I wouldn't be holding anything overnight. I'll be taking positions off at night and looking to re-enter in the mornings.

    As I mentioned maybe 1.5 weeks ago now, it is about the dollar forming that base and rising up out of it. This morning, than anything else, the dollar is the thing to watch for all commodities.

    For silver although I indicated I'm buying with an eye to holding until the summer, I have to pay attention to the new information the chart provides hourly/daily. In looking at the chart, even though silver is bouncing up right now, this bounce likely taking it up to the mid $41 area, a renewed thrust down could occur if silver is not able to get past this mid $41 area.

    I say this because I expected stronger bullish movement Friday and it was a bit tame. A way to play this is to take all your money to cash approaching this mid $41 area and sit back to see what happens at the price. If it gets through, re-apply the long position, if not, short it down or wait for a final bottoming to occur... e

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