Trading software

Wednesday, June 8, 2011

Back buying oil

A couple of weeks ago, I started tracking the price of oil again when it was trading around $110-111 per barrel of brent crude.

I decided to use the 'momentum' strategy to see if I could hop on the bandwagon of a swing so I bought some today when the price had moved up more than 5%. I bought at $116.36 (not a lot mind) and it's now trading at $117.83 so hopefully it will keep rising. At the moment, the trade is in profit of around thirty quid. I'm not overly-opinionated  on oil but I've a general feeling from following news issues in the middle-east that there's going to be more instability so I've an inkling that it will rise a little over the next few weeks. Going to set a stop-loss however just in case.

Brent Crude daily chart:

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