Alert: crude oil holding.
Let’s tighten our stop-loss on DTO …
Crude oil moved lower again yesterday. But yet again it has not seen follow through downside on the following day. I don’t want to give my expectations for DTO any more space to materialize — I think either it will break down from current levels (as I suspect) or it’ll instead break to the upside, prove me wrong and sustain a rally higher.
So let’s tighten up our stop-loss on DTO (PowerShares DB Crude Oil Double Short ETN) to just below near-term support (corresponding to just above near-term resistance on a chart of crude oil). If we are stopped out the loss will be relatively small and we’ll likely have the chance to enter at a better price down the road.
DTO (Last Price: $59.35)
CANCEL and REPLACE your order to SELL ALL your shares of PowerShares DB Crude Oil Double Short ETN, symbol DTO, at $54.75, STOP. New Price: $ 57.70, STOP; this order is good till cancelled.