MEMC Electronic Materials Inc. Message Board
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Oil looks toppy
So far the trading range has been $45-$60 so I think oil is at the top.
DXO and USO have put in little double tops so I expect a pull back. The last pullback on USO was a .618 move, if that happens here it would target $29. DXO's last pullback was 50% so if that happens the target would be just under $3.-
Trad,
I'm looking at going short UCO for a trade against oil. It's a 2x'er. I'm guestimating a .382 pullback to $8.90 or so; .50 puts it to $8.50. The 50 DMA is $9.00, the mid bollinger is $8.69. There's support somewhere in this range.
Natural- 1 Reply to naturalpastime
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Natural,
UCO is forming a little double top just like most of the other oils. If it busts out over $10.20 it will probably run to $12.25 or more.
I think oil is at or near the top. UCO already pulled back 38.2% in forming the double top. I'd watch for a 61.8% retracement, or even 100%. Oil has been trading in a range and UCO hasn't busted its range either.
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and USL TRAD?
Don't you think may be better to use in this case?- 2 Replies to horacebello
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Horace,
USL is OK to trade if you like it. I prefer USO and DXO as they have larger percentage moves. They all represent different time frames and underlying instruments but they trade similarly. -
(only has resistance at 42.5> media and large... )
average 200 is working like the stop (33.45/33.57)
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