Oil and Oil stocks

Hi,

Not trading oil much at the moment as it's stuck in a range but I did have a giod day yesterday shorting highs at fib levels.

Will start to pick this thread up again this week.

Mike
 
I picked up some Conoco Philips (COP) and am looking to exit around $74-75. It is in a strong upward channel.
 
Oil is holding a trendline - if we break 100 and close above we will see 103+.
I like US stocks ticker Hero and UK stocks:

MRO / SMDR / XEL (if we close above 100)


Mike
 
Also in XEL since last week. Enjoying the rise but don't want greed to ruin a sensible exit strategy. I suspect there may be some retracing tomorrow followed by very volatile trading after news / during drilling. Any thoughts Mike?
 
I agree, we hit a trendline resistance at the recent highs, but a lot of poeple seem to be pilling in. Long term looks like we will retest £4 but not sure how long it's going to take to get there, assuming it keeps finding buyers on pull backs.

Mike
 
Hi Mike, back again after a long time )))
Trading WTI again.

Looks like it was overbought on thursday after the pipeline fire news and should be retracing in the short term.
 
Why so long away?

The US$ has broken out and so we've seen commodities and equities pull back.

On the oil monthly chart here you can see how oil responded to bullish markets and geopolitical changes. Once we retrace to somewhere around the 100/103 level I think we will start the next leg up.

That could have serious consequences for the global recovery if I'm right. The grains look like they could trade in a similar way and at times oil has traded up in spite of the strong us$ so it's going to be an interesting summer once we get the reporting season out of the way.

I will be waiting for opportunities to trade some of the UK and US stocks as well.

I have a good shortlist and so I'll post a few up here for you Gys to comment on and add your list as well.

Mike
 

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Has been bumpy couple of days with very predictable action in European and US sessions...
 
I an thinking of coding a trader in MT4 to open positions at certain level at certain times of the day.

Any experience with automated trading??
 
Nice moves this week.
Had to go away on Friday and set the TakeProfit at around 107.90 up from 105.99.
Friday just repeated itself.
 
Well done, we are struggling with 107 today, took a couple of samll moves then left it, very low volume. Dow Futures broke out well from the open so surprised oil didn't follow through so far, let's see how the pit close trades.

Mike
 
Done for today as well. Yesterday was the lowest volume for this year. Everyonne is waiting for any decent news to show the direction.
expecting a spike to around 107.80 before and after the release of the news on increased inventories go down to 106.something.

Lets see how good i am at predicting. So i will put a sell around 107.50 with take profit at 106.80.
 
Ay carrumba!

They havent drove the price up to the levels I expected. So I missed the move down.
Instead I think it is oversold now so I bought some at 105.25 expecting it to go up.
 
We saw oil move into teh daily 8 ema today and hold, volume still not great these days. I find the 5 minute charts are better than tick charts at the moment.

If the Dow holds up then I think we can move back to 105. Oil stocks are weak so I'm flat on oil stocks but will look for signs of life at the lows.

Mike
 
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