smitheric1970

Oil Repeat of Oct-Dec 2016?

Long
smitheric1970 Updated   
NYMEX:CL1!   Light Crude Oil Futures
I am expecting prices to continue selling down from 70.x level to 66.40-66.75 where I am recommending a Long position. Details on chart:

Long Entry: 66.75
TP1: 72.93
Add/Enter Long: 69.37
***If Prices test 76.50: Add Long at 74.26
TP2: 78.28

Good trading all!


Trade active
Comment:
This trade is active and I am in Long positions between 66.40 and 66.75. Today was high volume and wow quite a large and fast drop! Though I think we could see a 65.5 kiss I am holding Long and am looking for the next large swing to run up to the 73 level after prices find some legs:
s3.amazonaws.com/tra...shots/s/s3zxPjac.png
Comment:
The Demand Zone has been validated by high volume buying and prices closed above the pivot line that Wednesday and Thursday fell from. No changes to my view, I am looking for prices to work on regaining Demand at 69.37, hopefully over the next trading week. I have a monthly level at 68.94 and 70.60, I would be very happy to see prices close at the 70.6 level by End of Month, though that would take quite an aggressive move this week but would give us monthly Demand back above the 68.94 level - from a Monthly view. Anyways, slowly but surely we've gained some ground; I hope that you were able to get in on the 66.40-66.75 buying, or even lower. Good trading all and have a great weekend. Comments and other chart views are welcome!
s3.amazonaws.com/tra...shots/v/vJRRPJM1.png
Comment:
No changes to my view; I wasn't extremely happy with yesterday's run down but I did take the opportunity to build more into my Long position. I mentioned a potential 65.5 'kiss' last week; we saw just a hair below that at 65.33 after which buyers heavily stepped in. Longs are not out of the ballpark yet, there has been much selling over the past few weeks and we have EIA reports today. That being said, there are still signs of a reversal with volume picking up yesterday and prices seeming to find buyers so again, my view is the same; looking for a move up to the 70.56 level.

Good trading all!
s3.amazonaws.com/tra...shots/l/L9kaxHEn.png
Order cancelled:
Wow what a rough day for longs! Unfortunately I will be closing out this trade - Note: Though I have staggered out of some positions, I am continuing to build longs, as my overall view of this run up has NOT changed. See the Oct-Nov price action from 2016, I am still looking for similar.

Sorry for the rough day longs and good trading to you!
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