technical - for derivative traders, page-3

traders. . . . Awesome ride down!! Lots of cash made on this one : )

Took profits today. Why ? Because :

1. Close to the 50% fib from oct 05 low of $30 and feb high of $48. Difference is $18. 50% . . . .
2. Fast Stoch is approaching zero - pointing to an oversold position - very short term
3. very strong support of oil at $58

4. strongish finish

So i have reversed my position for a very short term bounce. I have only allocated 30% of the profit from the ride down . . therefore even if it goes pear shaped I'll still be in the money.

I hope some of you made some cash on this one.
kman