Looking for a decent, if minor correction on USO > 44-ish
Looking to purchase Oil/energy equities, looks like USO has a slight negative bias and might break down from ascending wedge. Looking to purchase more oil/energy on a dip. I can see 43-44 on a correction. 100 EMA near 44 should cap losses, unless we have a news catalyst.
Exxon and other energy names have moved up hard over the last few weeks, might be time for a correction. This would be to add to existing positions or to add new names. Also noticing some bearish divergence on the RSI in the 4-hr chart. Looking to pick up a few shares of FENY to diversify. Main vehicle is XOM, FENY is not ideal for diversification, but it provides some. Charts and indicators look okay, XOM appears to be at distribution and therefore a dip is underway as I write. Ideal price for FENY would be 9.90ish, for XOM, I would say anything below 40. Market will do what it wants, so I might just put in a trailing buy order with a half-decent delta and see if I can get a better price, but not going to try to get too "cute" about getting a sale price.
Exxon and other energy names have moved up hard over the last few weeks, might be time for a correction. This would be to add to existing positions or to add new names. Also noticing some bearish divergence on the RSI in the 4-hr chart. Looking to pick up a few shares of FENY to diversify. Main vehicle is XOM, FENY is not ideal for diversification, but it provides some. Charts and indicators look okay, XOM appears to be at distribution and therefore a dip is underway as I write. Ideal price for FENY would be 9.90ish, for XOM, I would say anything below 40. Market will do what it wants, so I might just put in a trailing buy order with a half-decent delta and see if I can get a better price, but not going to try to get too "cute" about getting a sale price.
Trade active:
Sometimes you're right, sometimes you're wrong, and then it pays to bet somewhere in between. I will probably regret because Oil looks bearish, but S&P500 looks to be setting up a Santa Rally. Have put in an order on FENY for slightly more than half the position that I want, via trailing market order. Will consider adding if we see lower in the next week.
Comment:
This is why I hate bulls...
Trade closed manually:
Feeling like dumb money here, FENY in at 10.68 for 55 shares, will add on significant dip if funds are available at the time...
Will add, that markets are probably drifting into holiday mode slowly over the next week or so, accepting the fact that a lot of traders are probably starting to relax and therefore prices might just drift for the rest of the year if there is no catalyst.