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Posts by "usman"

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Usman
(Lahore, Pakistan)
   
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Usman
Lahore, Pakistan
Posts: 3
14 years ago
Dec 3, 2009 13:19
In Thread: Oil Weakness May Intensify
76.30 is 38.2% retracement level of oils drop from the $147 to $32 drop. The market has been been holding that level pretty good. Despite bearish demand figs and product inv yesterday we were not able to break that level. Not to mention the long term uptrending channel we are in. If we are not able to break the 76.30 level today, then $82 is certain where one has to look for a confirmed breakout before adding to longs.

@Asad

We have not only broken but also settled above $80. Please see the charts. I agree with you that fair value of oil is lower but we are day traders and swing traders and not investors. At least for me, what matters is day to day trend and weekly trends and not long term fair value.
Usman
Lahore, Pakistan
Posts: 3
14 years ago
Dec 1, 2009 9:54
In Thread: Oil Weakness May Intensify
The faliure of oil to close below $75 mark is a very strong bullish sign. I believe for today $79.2 is on the cards and we may also see $80 on successful follow through
Usman
Lahore, Pakistan
Posts: 3
14 years ago
Nov 27, 2009 17:38
In Thread: Oil Weakness May Intensify
Mr. Laidi,

Excellent analysis! I must also point here that we generally tend to downplay the importance of historical trends. In the last 14 out of 18 years, crude has declined during the period Oct-Dec.

I failed to capitalize on the downtrend however fully capitalized on the retracement just exiting at 75.90

Usman
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