Still Long Oil Futures
Updated
The last few weeks are showing a sideways base building above the Ichimoku cloud and the weekly pivot zone. I think we are due for an eventual breakout to the upside above the 89 level. My stop will be below the weekly pivot level around 86.5. A good way to trade oil futures nowadays is the new micro futures contracts on the NYMEX. The symbol is MCL. Of course you can also trade the full size contract with the symbol CL. Good luck.
Note
Wow went much better than I expected. Hope you all took some profits on this one. I think we will eventually hit $100 a barrel before year end due to the oil unfriendly political environment we are in. By the way, the pivots that I use are the Fibonacci pivots. They are available on TV in the standard indicators. I always take most of my profits at the Fib R3 level when going long. Plus I also leave a contract or two on the table for any eventual breakout.
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