timwest
Long

Crude Oil - QMZ2014 - Daily - So close to a buy signal here...

NYMEX_MINI:QMZ2014   E-MINI LIGHT CRUDE OIL FUTURES
356 4 7
Today's action will generate a buy signal for me, an early signal, if the price climbs and stays over the mid-point of yesterday's bar. Why? Because yesterday was a range-expansion, down-bar. Those don't get violated until a trend is over. Hence, the downtrend will be over it can climb over the midpoint. So, earlier today QMZ2014 did get over the buy level, so it is already "in" a buy signal. To buy more, look for it to hold above the buy level and climb through the 82.75 reversal level. Stops under today's lows.

"Where's the PLUNGE PROTECTION TEAM in Crude Oil???"

Doesn't everyone know that this is the level where extracting shale oil             is unprofitable? Isn't this the level where production will shut down if prices stay down this low since it takes prices this high just to extract the energy from the ground?

This would be a really good level where the US Gov't will take a stand and place orders to buy crude oil             to support shale oil             production to assure supply for the long term.

81.15 last QMZ2014 8:30AM EST

Tim
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TASAVANT
2 years ago
Lots of politics involved here
Reply
timwest PRO TASAVANT
2 years ago
A little spice (for the first time for me) - Just adding a "catalyst" to be on the lookout for. Clinton was great at trading crude oil. Bush wasn't so good (actually, terrible). And Obama has been pretty good (selling when prices are high and buying when prices are low).
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franciskim
2 years ago
reminds me of 1200 for gold.
Reply
timwest PRO
2 years ago
I see Saudi Arabia announced supply cuts ... on the tape from this morning.
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