Wednesday, March 18, 2009

Oil ready to rumble?

My early call which saw me take a position in the USO (wish I hadn't done that and stuck with DXO) looks to be coming around for a second look. Questionable if it will make another run at $2.40 before it mounts a challenge of $3.62 but it is showing better technical health.

As for my USO; an initial Zignals call (Register and head to Charts to get access to the Call feature) was stopped out at $28.89 - although I have held my personal position in the ETF. I have made another call for the same target of $39.99 with a new stop.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts and stock charts website