Oil - Possible Weekly Distribution Range Ahead?
Wow, this has been quite the parabolic move in oil over the past 2 weeks! Though I had targeted 49.33 short term, I did not capitalize enough as I'd expected to have pullbacks on the way up. At this point, I think that prices may continue up to the 52-54 level prior to having much of a pullback, as the masses are all waiting for a pullback to enter long.
1. It's possible that an election year is impacting oil prices being elevated and keeping the economy and 'loose' equity/oil correlations "happy"
2. With a potential September or December US interest rate hike, I believe that although oil prices may rally more, that they will be limited in there upside for the next 2 months
3. Based on strong monthly/weekly/daily price inflections, a channel based on the April 2015 distribution range and a possible February 2015 repeat cluster level; I think it is very possible that we see prices range in this area for several weeks prior to breaking down In late October or November as a US interest rate hike is more apt to occur in December which would pressure oil prices.
Long Entry: Active
TP1: 51.23
TP2: 52.74
S1: 48.24
S2: 47.83
Please set your stops according to your own risk
Good trading to all!
1. It's possible that an election year is impacting oil prices being elevated and keeping the economy and 'loose' equity/oil correlations "happy"
2. With a potential September or December US interest rate hike, I believe that although oil prices may rally more, that they will be limited in there upside for the next 2 months
3. Based on strong monthly/weekly/daily price inflections, a channel based on the April 2015 distribution range and a possible February 2015 repeat cluster level; I think it is very possible that we see prices range in this area for several weeks prior to breaking down In late October or November as a US interest rate hike is more apt to occur in December which would pressure oil prices.
Long Entry: Active
TP1: 51.23
TP2: 52.74
S1: 48.24
S2: 47.83
Please set your stops according to your own risk
Good trading to all!
Comment:
s3.amazonaws.com/tra...shots/e/EsxLRatD.png
Comment:
Had a couple of positions stopped but believe this was just a spring and will add additional LONG positions on a 4 hour candle close above 48
