Baytex Energy Corp T.BTE

Topping Out with Oil

[smallcaptdr]

Oil just can't hit $90 yet and has taken 4 runs at $90 only to fall back to being at $88 and today's move is in anticipation of higher Oil prices in Nov with OPEC cuts along with positive GDP and weaker USD but maybe we are topping out, remember in Sept Oil hit $76 and then OPEC came out with Nov cuts and Oil rallied to $93 and settled back down to $81 plus OPEC wants $90 Oil and is forecast at being at $88 till years end so I'm wondering with so many failed attempts today to hit $90 this might be getting close to topping out due to OPEC cuts plus Nov 2nd the FED comes out with their Interest rate decision which in the past had a negative effect to Oil dropping and was the start of Oil falling to $76 in Sept. As we have seen many times during recessionary times Oil drops dramatically regardless of tightness because it's known that during recessionary times demand continues to weaken faster than any adjustment in production can stop. I'd be careful at this point if you're going long that this might be time to think about profit-taking before Oil heads lower. JMHO

United States Federal Reserve Interest Rate Decision (investing.com)

[Cobalt]

Something to watch i see the leaders like CNQ are now overbought on the daily and toping candles are showing up, Rage on Max 

[dllscwbysfn]

So you boys are sellers right now?

[Cobalt]

I got names over bought and at nose bleed heights over the 50ma like CNQ and TVE etc and i have names like BTE that are lagging and not over bought , little trim here little buy there

[Snowballer]

CNQ and others on 4h definately show a good time to sell for those who take profits after massive runs.  I could see another lift up to really push RSI levels and MACD on many names.  I'll probably take BTE profits later today.  We'll see. Sill holding average of $7.10 per share after having sold the run from $6's to $7.04 to get back in and catch the next leg of the

[Snowballer]

Well couldn't get my $7.30's sell to hit so bailed at $7.29   A better trade would have been to take the pop in the am.  Who kno's may recover yet but I'll watch the close and/or the open. GL all.  Another dividend payment from a stock that pays no dividend.  2.7% in a 24 hour trade. The trade before that was around 8%. I call these DIY dividend payments.

[riski]

Congratulations on your profitable trade. Full credit for posting buy and sell in real time. 

[Cobalt]

Need to see the daily candles close but CNQ is looking bad we shall see

[Cobalt]

Same candle on the XLE also overbought

[Cobalt]

carbon copy of the june high XLE hmm