I guess that since oil made a large move today we are going to have to endure listening to the fundamentalists run around telling us that oil is moving up because there is some conflict between Russia and Georgia. Never mind the fact that Russia invaded Georgia on the 8th of August and today was the first solid move up. Never mind that oil has gone down from 140 to 112 almost non-stop. I’m always shocked when I hear people talk as if there was no such thing as a countertrend bounce.
Not only was oil a perfect example of the benefits of paying attention to price, but as I posted last week, it was also a great example of TD Combo in action. Here is another chart, this time the hourly, that could have given you an even more precise entry point.
USO Hourly Chart
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