Can Oil drop to 80 USD or less ?
My opinion is that CL futures can go not only to 100 as they did practically today but they are able to move down to 85-80 area.
From technical perspective I see huge topping pattern in CL futures with possible drop target into 60 area.
Based on current status of fear on financial markets I think drop to 80 area can be expected soon.
Any bounce to 110 – 112 level is shortable with targets mentioned above.
I plan to use DTO as Double Short Inverse ETF for Oil to trade this idea
September 10th, 2008 at 1:54 pm
Hi, been a follower of your blog.. was wondering how to execute
DTO as Double Short Inverse ETF for Oil to trade this idea
which you’ve mentioned in your blog?
September 10th, 2008 at 4:10 pm
I am monitoring CL (Oil) futures. If they will pull back to 110 – 112 USD level, I will buy DTO shares.
I will calculate my stop loss level and number of shares based on actual situation on markets.
November 11th, 2008 at 9:25 am
[...] was prepared for decline in oil price as I described several weeks ago. I also did trade I [...]