07/29/2014 – Crude Oil
- July 29, 2014
- Crude Oil
September crude oil, further correction:
1. Continued daily closes above $100.55 (previous report incorrectly indicated $100.05) in September crude will indicate new long entry for a multi-day tradable advance and test/attempt at $103.12/$14 (or higher) into next week (the week of Aug. 4). Today’s (Tuesday, July 29) September crude oil tested and closed above $100.55 (today’s daily close, $101.04).
2. Initial long position exit should be taken at/near $102.10, further exit at/near $102.60, and final long position exit at/near $103.10. Aggressive can continue to hold a small remaining position for the possibility of higher prices and a trend following exit.
3. A protective sell stop should be placed at $99.90. This stop will be moved higher as the market continues to confirm. Will update.
David Williams
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.