Saturday, March 5, 2011

USO Double Top?

 Well here go again number1 rule confirmation and wow it is such a good rule and I wish I can say I invented it but didn't and its one rule I live by trading. My last video on the USO I said I thought it was moving lower and here we go the again my big phrase was IF WE CONFIRM THE BREAK. Well we didn't and if you look at the yellow circle we broke the 2 trend lines and the 200 average on the 15th of Feb. The next day close was above the close of the 15th and closed just above the 200 average not confirming it. Well that became a pivotal area and look where we are today. Possible break 42 which is a major resistance area.
 So Fri we broke the 42 now what? Here I go again and preach need confirmation. We have to see what Mon. will bring us. Do we close above the close of Fri. break and confirm the next leg up higher or not confirm and pull back. I am Neutral here and gonna let the market tell me where it wants to go.

Please read the disclaimer at the top of my blog.

No comments:

Post a Comment