Thursday, July 19, 2012

Surfing on oil

On 17 June, the 20-days moving average went above the 30-days moving average in Brent which was a buying signal for us. We opened a long position at USD 104 with a target price of USD 109 (the 200-days moving average is here) and an initial stop-loss at USD 101. Better than expected housing data from the US and hopes for further monetary easing from China and the Fed helped the price further. We adjusted therefore our stop-loss to USD 105.85.

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