I use many different charts for trading oil, one of the better ones is the USO, which is a oil etf.
Looking at the USO chart, the entire blow off to the up side started at 12.80 with a gap up until 13.00.
Todays low was exactly 13.00. I am not sure what is going on, but I covered my put down in this area
and am waiting to see what happens. I would think we will at least close this gap but grapping the last pennies is not worth it. Oil is over-extended to the downside. Maybe a rally back up and then down again or ?
****
Went long copper sunday night like I stated in my weekend notes. Copper is on fire and I am loving it.
http://stockcharts.com/h-sc/ui?s=USO&p=D&b=5&g=0&id=p43969151006
Thanks for your comments as a trader for many years, Richard and congrats on your copper trade.
I see where there are some labor negotiations going on at a Chilean mine. Probably adding to the bullish sentiment.
had an order to sell at 65.65. High today was 65.56. Damm. I bet if I put my stop up there it would have been hit. Not sure what I am going to do now in oil. Hate to chase it.