Crude Oil Plunge Contrary Opinion Major Buy at $58 Barrel !
The last time I wrote about Crude Oil on tradingview.com in October 2018
I suggested that $70 oil was a"Busted Pattern,in my reading of the chart,
with very bearish implications, as it appeared big money longs had been trapped above $70 barrel.
Today Crude Oil is breaking $60 a barrel, on oversupply /political concerns,
Since 10/3/18 High of 76.90, price has fallen 24 %, clearly defined as a Bear Market.
Price looks to be headed towards $58 MAJOR PATTERN SUPPORT,
where for oil needs to hold or else....
Believing,, that this decline is one of the few gifts the market will give you, using $58 STOP on Dec.18' Crude CLZ
I am advising you begin to accumulate Crude Oil and Energy plays across the board at these levels.
Contrary opinion has it's roots in trades like these. It takes guts to go against the crowd.
By 2019, you could be handsomely rewarded for taking a position in ENERGY right now !
I will update this post, as needed, in case the decline in OIL, goes into a full downward spike capitulation.
THE_UNWIND
11/9/18 730 AM
NEW YORK
I suggested that $70 oil was a"Busted Pattern,in my reading of the chart,
with very bearish implications, as it appeared big money longs had been trapped above $70 barrel.
Today Crude Oil is breaking $60 a barrel, on oversupply /political concerns,
Since 10/3/18 High of 76.90, price has fallen 24 %, clearly defined as a Bear Market.
Price looks to be headed towards $58 MAJOR PATTERN SUPPORT,
where for oil needs to hold or else....
Believing,, that this decline is one of the few gifts the market will give you, using $58 STOP on Dec.18' Crude CLZ
I am advising you begin to accumulate Crude Oil and Energy plays across the board at these levels.
Contrary opinion has it's roots in trades like these. It takes guts to go against the crowd.
By 2019, you could be handsomely rewarded for taking a position in ENERGY right now !
I will update this post, as needed, in case the decline in OIL, goes into a full downward spike capitulation.
THE_UNWIND
11/9/18 730 AM
NEW YORK
settling at 55.13 for Dec 2018 Crude. down over 6 % on 11/13/18.
Bulls were simply overwhelmed by massive selling pressure, ie VOLUME
which was triggered by the breach of MAJOR Support at $58.00
I had indicated that a capitulation spike to the downside was possible,
in the post above, and now that is exactly what is occurring.
Due to the unrelenting price decline,
from bull market to bear market in just 6 weeks,
obviously something else is going on.
I would stay away from the long side Crude Oil,
and energy related stocks/ETFS at this point in the capitulation cycle,
until such time that a MEANINGFUL Bottom ,.is in place.
THE_UNWIND
11/13/18 420 PM
NEW YORK