NYMEX:CL1!   Light Crude Oil Futures
1036 3
After my Main View the beartrain drove a bit deeper and nearly stopped between the minimal and the normal correction Level -our Station :-) We got stopped in @ 41.5$, the 38,2 fibo. This is a longterm strategical longposition - at this Point we can think about a sl-adjustment upt to 42,65$ to make the Position riskless. TP is still the neckline

At the Moment it seems that oil will complete the right shoulder. The next hurdle is the mini-resist @ 49$. Tradiung above that Level should initiate an upswing to the neckline.
The neckline @ 51,5$ is the main resistance Level in this timeframe. You can exspect many shorties who lie in wait for their Chance to fix oil . Why doing that? Beacase a short at this Level has a phantastic Chance-Risk-Ratio (entry 51.5, SL 52-56/ TP 43/38.88/35.15/26). I won?t do that! Why? Because it is a countertrade, and i am a pure PROcyclical bo-trader

Best regards

Main View: Can this be true? Dez 2016: 75$ ???

What do my tired eyes see?? Isn`t it a big bottom pattern in form of an exemplary H&S?
The RSI signs, that there is still a bit air on the downside. A dip back to the 38,2 fibo @ 41,92$ would be great. A dip to the 0,5 fibo normal and a dip to the 61,8 maximal.
If this level would be bought, a H&S is being formed. Prices above the neckline could interpreted as a BIG LONG SIGNAL.
I have illustrated the possible TPs in my chart
Comment: nearly reached Action Point
Comment: RSI!
Comment: we kissed the neckline, the Level to watch @ 51.5$. There is not a buying Signal yet. Still waiting for the BO . Stoppbuy at 52$ could be interesting . The risk-loving counter trader would prefer a short at the present Level with SL @ 52$ - this trade has a very nice CRR (but risky because you speculate for a double top against the cyclical trend! )
Trade active:
So long to see you. Thanks for all your kind sharing.
Mary, maybe it's too good to be true, I've had so many different gurus on here tell me it's going back to New lows.
Too many gurus spoil the broth :-9 let`s see
+2 Reply
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