I was prepared for decline in oil price as I described several weeks ago. I also did trade I described.

But I did not expected that down trend move will be without any pullback. As second target area is reached I think that oil can do some pullback. I would like to use this pullback to enter new short in Oil. And where is the target ? If you look into history you can find nice support area near 40USD.

Current chart pattern for Oil

This entry was posted on Tuesday, November 11th, 2008 at 9:17 am and is filed under Stock chart analysis, Swing trade commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.