ODDS FAVOR A BOUNCE...POSSIBLE RETEST OF THE LOW OR FALSE BREAK DEEPER INTO THAT AREA.
A BREAK ABOVE CAN LEAD TO TARGETS OF $45-$48 IF NOT HIGHER OR ANOTHER NEW LOW TO $18-16
WEEKLY PERSPECTIVE.... 26.06 - 23.80 MIGHT CAUSE A REACTION.....LOWER TARGETS OF COMPLETION ARE STILL IN "TIME" $CL_F $USO $DWTI $UWTI $OIL $XLE $DTO $UCO $CVX $XOM $HAL $EXXI $SCO $ETE $XOP
Looking at my recent postings I realize some of my labeling in inconsistent. So I will try to label again that hopefully makes more sense. Basically I see the action since the low of 1/20/16 to now as part of a A-B-C correction pattern. It still could be the start of a new larger scale 5 wave up but that seems less likely but could be considered if the recent...
Very close to "CONFLUENCE".....STALKING THE SWING....
I closed my long position just now as I am expecting there will likely be at least a short term pull back from here. We are at the center line of the down channel and have strong negative reversal in the 2 hour rsi. The real question is will the recent bottom hold. Take care. Have a great weekend. Goodguy.
Madness..... oil holding on to $30 right now. Make or break here, with tight stops.
This is a time where all fundamentals about the oversupply of oil, glut, and worsening global economy should be ignored. It is simply so oversold that it in the near term it will vastly outperform most other assets. There's simply a limit to how low it can get before it bottoms. No, WTI (USOIL) isn't going to $20 in the near term yet. I do see a possibility of...
Reached the peak of the megaphone developed since January 2015. Expecting 0.5 fib pull back of the leg starting from $41.98 before resuming the uptrend to $77 range. Given that $54 have been a strong resistance earlier (and now a support), it could be a potential target to start closing short. Entry: 59.36/60.48 Stop loss: 62.65 (new highs) Take profit: 52~54
An overlay of the chart of WTI and brent oil prices over time, I thought it'll be pretty interesting to share this. How geopolitical and the American shale oil boom is shaping up the differences.
I think crude has overshot fair value and is now oversold. It is below the linear regression (ie Trading range) and CCI is creeping upwards. I would make this call with more confidence should the MACD crossover occur with more enthusiasm but I'm getting in before the market does. Of course the moving averages are against us, but if we see Europe start to gain...
Every so often investors can be lulled into complacency with hopes of endless supplies; wishful thinking around finite resources and the costs associated to extracting them. Recently, Shale has been the new kid on the block, promising exactly that and delivering on the promise – lifting the United States to the coveted spot of largest producer but all that flows...