Monday, 7 January 2008

Lowering Crude Oil stop loss

I'd shorted some March '08 Crude Oil contracts on Jan 3rd, and it is moving down nicely, about 4 points lower from my opening level of $99.42. I'm moving my stop-loss down to 97.02, purely because back in December I lost $1200 being short Oil before being stopped out, and this guarantees it back!

10 Day Chart of Light Crude, March '08 Contract

Still like the short, still think traders will get bored with the hysteria in the Oil market, and we'll easily see it drop down below $90.


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