Oil prices tumbled Tuesday as U.S. stocks sold off amid worries about the nation's economic health. Prices dropped more than $10 a barrel from their highest point of the day. At midday, light, sweet crude fell $6.27 to $138.91 in an extremely volatile session.
I think this is a good opportunity to buy oil after the huge drop within a very short period of time. In my view the drop is not due to fundamental, it is market overreacting to Ben Bernanke's speech.
Bought 1 lot of supermini oil at 138.56
Stop level at 134.50
Target level at 144.10
Value of 1 point is US$100
Chart:
Oil Trading: Oil prices plunge more than $10 a barrel