Oil Stocks: Time To Take Profits
I exited the rest of my oil stocks today because of the bearish engulfment that developed in the face of higher crude oil prices. This was a very profitable trade for me and I think this is a good spot to exit and wait for the next pullback to buy.
USO (Crude Oil) I am still holding onto long because seasonally oil should rally into May and the inverted head and shoulders bottom indicates to me that there is more upside coming. I also want to be long USO as I believe tensions with Iran will only get worse and not better. Hopefully I'll be wrong about that, but the charts are telling me to stay long so I will.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
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3 comments:
Can you please clarify what you see on OIH schart that tells you of "bearish engulfment"? I appreciate your help.
Today's candle engulfed the previous day's range. I'm not bearish on oil stocks at all...I'm just exiting some longs I had on from last week.
If you really want to know the definition for a bearish engulfment, just google Bearish Engulfment and you will find websites that show many examples.
How are you long crude oil, futures or with a company?
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