USOIL: Bullish longer term, neutral intermediate term

CFDs on Crude Oil (WTI) (FX:USOIL)

Updated

FX:USOIL CFDs on Crude Oil (WTI)

$USOIL is likely to have hit a long term bottom, but right now, could be forming a basing period, remaining sideways for a long time. I've been buying into dips but this dip went far too low, breaching the uptrend mode in the daily, could signal a decline towards the red box target on chart is at play. I'll stay on the sidelines for now, having pocketed some decent profits in this market. I'm bullish on it longer term, as I think equities and oil likely bottomed, or are basing before starting a long term bull market again over time. I'm trading short term mostly, but focusing on buying short term bottoms mostly, not shorting much if at all (I'm short $NFLX from today's open only).

Cheers,

Ivan Labrie.

Comment:

It broke up instead of down, target for the bullish mode was almost hit, but now time for bullish momentum ran out.
We might see a 'H&S top' shape form, but contrary to what people would think, it would be an accumulation and basing pattern over time, a busted pattern, if we break up instead of down

With Time@Mode, we would go long when viable.

Comment:

This panned out rather well, except it did rally initially, but prices are still close to 55-56. Something of notice happened today, Andy Hall, the famed oil trader who made huge money on the run up until 2014, and capitulated in 2017, is now coming out of nowhere to discuss oil. He turned into a vocal bear at a recent event, saying oil is dead going forward (he forecasted 2030 would see oil demand dying due to the rise of EVs and renewable energy). While I tend to subscribe to this idea, his timing is interesting as the motivations for talking might be emotional, and thus a contrarian signal.

Andy Hall capitulating happened right before the huge rally in 2017, #USOIL has enough support here to move much higher over time, such a rally would both boost $EEM insanely and also contribute to the huge bear market that I expect by the end of 2020

🔒Want to dive deeper? Check out my paid services below🔒

ivanlabrie.substack.com/

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.