Wednesday, February 10, 2016

Crude Oil Breakdown

There was a perfect test of former support on crude oil today. I'm anxious to get short on a new technical breakdown. Look for more momo on a breakdown. Ticker SCO is the ultra short ETF tracker. It has decay as you can see it's not quite near a new high. It's good enough for a couple days hold though. Looks like a good long on 117 print. The stop is an issue since a failed breakdown isn't clear except much higher. I'd say I will have to go undersized on the position because the stop loss has to be pretty wide here. Until it starts really crashing or gaping down.

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