June 14, 2013
Crude Oil Chart and Position Update
I'm long KWT the solar ETF from a $49 entry. I have a mental stop loss of $46 a share. Around $38 a share is more of an ideal stop area because it is below the old resistance from Fall of 2012. I run a lot of Stockfetcher scans throughout the week and there are a lot of long setups that keep popping up as the market is still in bull mode. I only scan for stocks priced from pennies to $10 a share. This pull-back in the major indices looks like just a consolidation right now after that huge run-up. I try and follow crude oil regularly. I've posted up a chart that shows the resistance level that crude has failed to break through over the past 12 months. Along the way from where the price is from the summer of 2012 there has been some triangular consolidation that you can see in the chart. The short-term chart technicals clearly say to get short right here. If I actively traded CL futures the stance here is definitely short biased. We will have to see what becomes of the triangular consolidation over the coming weeks. It may be very telling.