
The trading diary of Paul J. Singh. I trade full-time and empower traders by making the complex simple. I can be contacted at SinghJD1@aol.com
Sunday, August 10, 2008
Oil is Setting Up for an Oversold Bounce Trade
Oil is reaching extreme oversold status. If USO (the oil ETF) drops a few points tomorrow morning, or within the next few days, it will provide a low risk long entry. Note that these oversold bounce plays require short hold times and a tight, logical stop. I would place a stop under the 200 day moving average.

Labels:
bounce,
oversold,
oversold bounce setup
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