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TFC Commodity Trading Forum

Re: Oil under $100 after supplies rise 1.3 mln bar *PIC*

Well I didn't mean duck the poster. Just 'ducks', the flying type. Especially ones that look like they have just been shot mid air. As far as the short goes DUG has spent too much time bouncing off 25 support and even now can't bounce off that line by much. Looks very weak there. Price can only bounce off flat support so many times and get away with it. SCO is much better being pure Crude without the Nat Gas erosion. But support is at 36 on SCO and being a fussy s.o.b. I don't want to chase it here at 37.65. Price on Crude is still in its rising channel and could bounce up into that $102 to $105 zone. "IF" it does this I'll buy SCO 'near' $36. So now that it knows I'm waiting for it with a pump shotgun you know it won't back off that far. Then again it could come back and let me on board and blow through 36. It is in a downtrend in all respects so would be a countertrend trade regardless. A partial position would be the wisest trade if price dropped to $36 and then as P.O.P. said 'if proven correct' then add to the postion. A break below the uptrendline on Crude would confirm being correct and would be the place to add more SCO but at a higher level of course.