Texas Tea - A Comedic (2 Week) Oil Journey
Oil Analysis with a comedic twist...
As OPEC has been flashing 'somewhat' positive tweets regarding a deal to cut/freeze production; we have seen quite the rally in oil prices; Friday marked prices closing on a weekly AND monthly basis higher than the past 14 months of weekly closing/breakdown levels. However, this analysis is based on the possibility of oil falling after's OPEC's meeting on Saturday December 10th - after potentially another positive outcome. Why? Because it is immediately followed by the upcoming FOMC rate hike decision dates Dec 13/14 and after all is said and done, the DX (US Dollar) is the king of WTI. I believe that prices will revisit their July 2015 range briefly prior to testing support near the midpoint of the 45.62-50.37 long term trading range. This is only one possibility of many; but the theme here is oil prices climbing into the 50-50.2 daily range outlined onto chart and then falling into the FOMC meeting finding buying support at the 48.37-49.2 level (details on chart)
Oil Manipulation = Prices falling after OPEC finally pretends they're buds; because lets face it... The large money movers think that speculators deserve to be crushed and right after OPEC does the happy dance, the USD will likely kick oil right in the groin and bring it to its knees.
My Inspirational Clarity in preparing for the volatile weeks to come: www.youtube.com/watch?v=HUIP208n...
USD training for post OPEC happy dance: www.youtube.com/watch?v=gyXhysmM...
OPEC smiling and shaking hands: www.youtube.com/watch?v=hzTeLePb...
Hope you enjoyed and found some usefulness in the serious parts; Good trading all!
As OPEC has been flashing 'somewhat' positive tweets regarding a deal to cut/freeze production; we have seen quite the rally in oil prices; Friday marked prices closing on a weekly AND monthly basis higher than the past 14 months of weekly closing/breakdown levels. However, this analysis is based on the possibility of oil falling after's OPEC's meeting on Saturday December 10th - after potentially another positive outcome. Why? Because it is immediately followed by the upcoming FOMC rate hike decision dates Dec 13/14 and after all is said and done, the DX (US Dollar) is the king of WTI. I believe that prices will revisit their July 2015 range briefly prior to testing support near the midpoint of the 45.62-50.37 long term trading range. This is only one possibility of many; but the theme here is oil prices climbing into the 50-50.2 daily range outlined onto chart and then falling into the FOMC meeting finding buying support at the 48.37-49.2 level (details on chart)
Oil Manipulation = Prices falling after OPEC finally pretends they're buds; because lets face it... The large money movers think that speculators deserve to be crushed and right after OPEC does the happy dance, the USD will likely kick oil right in the groin and bring it to its knees.
My Inspirational Clarity in preparing for the volatile weeks to come: www.youtube.com/watch?v=HUIP208n...
USD training for post OPEC happy dance: www.youtube.com/watch?v=gyXhysmM...
OPEC smiling and shaking hands: www.youtube.com/watch?v=hzTeLePb...
Hope you enjoyed and found some usefulness in the serious parts; Good trading all!
Comment:
Additional support model for my current view of 42.75 resistance and 48.37-49.2 support level:https://www.tradingview.com/chart/Acn3grFs/
Comment:
Target 1 reached
Comment:
It appears that we may not hit the upper target level; at this point prices are ranging; my guess is in distribution and I believe we will see one more swing up to the 51.5/51.6 level prior to breaking down again; s3.amazonaws.com/tra...shots/r/rFUyUm3f.png
Comment:
Correction: the 4 hr buying climax should read 51.49 not 51.53; i am looking at this level as next resistance; target
Trade closed manually:
Oil has remained elevated through end of year; i am still expecting downside in order to create a higher weekly low; at the 48.37 level and possibly 45.9 level.