The big picture shows continued bullish momentum, despite forming a clear H&S over last few sessions. The lynch pin in this whole situation was the inability to break MY neckline. Although crude does seem to be exhausted I think it had to take the beating today in order to make a run and have a chance at a breakout above 67. I would personally recommend a fairly tight stop in case things unravel in the blink of an eye, which crude can, but I think the bullish momentum will resume. I strongly believe the bears took advantage of the break the bulls needed to catch there breath, but the batteries have been recharged. I have a 2/5 position and will save some powder for a false break (bear trap) and reload with a lower avg share price. Ill make the call of 70-73 over next few quarters. Peak production season and driving season is here upon us. Dynamics are changing and have changed drastically now that USA has taken on a very different role as a supplier. Crude has one more leg up in my opinion, but it is still anyone's game. Best of luck and follow me for updates for trades.
Sidenote: my strategy is simple, focus on a few stocks that show enough price action to warrant the time invested in doing the analysis, and stay on top of them. Usually its only 2-3 stocks/etfs. I don't kill it every trade and like any good trader I make bad calls and lose, but overall I do make money. I welcome contrarian views, as a part of my strategy I try to exhaust every angle to disprove my hypothesis or consensus, when I finally cant I make my move. Sometimes I miss the window and have to sit on the sideline to let the swing play out, but a good trader knows that sometimes sitting cash is the most prudent move.
GLTA
Sidenote: my strategy is simple, focus on a few stocks that show enough price action to warrant the time invested in doing the analysis, and stay on top of them. Usually its only 2-3 stocks/etfs. I don't kill it every trade and like any good trader I make bad calls and lose, but overall I do make money. I welcome contrarian views, as a part of my strategy I try to exhaust every angle to disprove my hypothesis or consensus, when I finally cant I make my move. Sometimes I miss the window and have to sit on the sideline to let the swing play out, but a good trader knows that sometimes sitting cash is the most prudent move.
GLTA