Making an Oil play
June 27th, 2005 by BWV
I bought TRGL today on this pullback to the 20 day moving avg.. Volume for the last month has been huge on the upside, and Friday’s green reversal day on big volume (most at end of day) looks like a pretty solid Low. I’m in at 23.60 — I’ll use the intraday chop low at 23.40 for a stop on 1/2 the position, and Friday’s low for the other 1/2.. 20 cents and $1.. so average 60 cents of risk.
good deal! closed last of position at 23.20 on Tuesday 6/28 afternoon.. i assumed a quicker reversal to the upside, and when it lingered near lows literally all day on Tuesday i went ahead and scratched the trade. good thing, it was down a buck (~4%) today.. an avg 20 cent loss for me.. i’m done w/ this one for now, and moving on..