Crude Oil Tests Its 200 Day Moving Average
Crude oil had a wild day today starting the day lower but then reversing nicely to the upside along with the stock market. As you know I've been bullish on Crude oil since the lows and was looking for a seasonal rally which should last until the end of May. Well here we are at the 200 day moving average and the month of May is almost over. I'm scaling out of some longs here and placing a trailing stop right below the last swing low that was made on May 18th. For those of you who are curious as to why I was bullish back in late February and what the seasonal looks like, you can see all of that by clicking here.
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3 comments:
nice work kevin. I keep a close watch on the posts updated by you..
Kevin when would you see the next time to get agreesive on oil ? or will you be keeping your position and adding on any pullbacks ?
Right now I'm looking to exit my position into strength. I took off half of my long position the other day and I'm using a trailing stop for what I have left. I'm not looking to get long here at all even though I think oil can go a bit higher..
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