Nothing to Fear About Oil!

Sure, prices have pulled back for a few days, but that is how price moves in an uptrend, Higher-Highs and Higher-Lows. The high probability is that Oil will quickly reverse back up, before getting down to the support level of $37.09, and continue the uptrend.

WLL still looks like a really good trade. Of course, it pulled back with Oil and that just means a better entry price at this time. Stop is still at $3.33 and will be trailed up when/if a new high is put in.

USO, same story as WLL, pulled back to a better entry. Stop still at $8.10, which I will trail up when/if anew high is put in.

Still really like TOO, but entry is not triggered yet. Waiting for a new high of $6.79 and then will take along position with initial stop at $2.62. If price blows through the entry, then I will trail stop up to about$4.95.

Today is Friday, Good Friday, and a good day to pause and update the week’s price action. I look forward to next week and will give an update on Tuesday.

Stay tuned…