Oil closed higher on the continuous oil chart yesterday, and today the December oil chart is showing strength. This means that the cycle will likely be right translated and we should expect to see higher prices for the next month or two anyway. My strategy this late in the daily cycle is to keep the stops more snug to keep as much of our gains as we can before prices drop into a daily cycle low. We are probably still a week or two away from this daily cycle topping. Dec Oil will probably work its way to $49 before this cycle tops.
This locks in a profit of $2.10 per barrel, or $2,100. For the synthetic positions, this will mean an additional
Stops were triggered at $47.50. This synthetic trade is now closed.