chartwatchers
Long

OIL - JUST A TRENDLINE TEST BACK

FX:USOIL   Crude Oil (WTI)
2849 45 63
First of all : oil's daily cycle are lasting for 40-60 days. Today is day 23.
Again : There is no way to top after an intermediate decline on day 13.
It was a tough and scary decline but that was only a half cycle low : it bottomed on day 21.Now we have the pivot which we can watch at the daily cycle decline 1.5 months later.

Powers forced a shakeout on all retail traders last week. Now when every retail traders are short the next leg up can begin. And of course today all the fundamentals are on the long side again :
Oil futures jumped Monday, building a little on Friday’s sizable advance that came after Russia’s president called on major producers to limit output at an upcoming meeting.
And one more interesting thing: US investors will stay out of this rally as there is the Labor Day holiday today.
We were above 5% plus in the morning today. And we regained both the 10 and 20 EMAs on the weekly chart.

ERX and oil             shares will open tomorrow with breakout gaps which never will be filled again.

My last week's 2 oil             posts are available as a private idea (For private ideas follow me on twitter):

OIL - Still in the flag

OIL - Shakeout
Comment: ERX is still in a rally mode though oil is falling.
Who is the liarliar?
snapshot
Comment: ERX is the red-green candle , oil is the blue
#confidence
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Thoughts on the OIL pull back today ?
Is it due to rig count release at 1pm EST and rising dollar ?
Assume you need to have a twitter account to see private posts, correct ?
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Arpi, looks like USD fall is rather holding the USOIL rather than making it rally. Do you have any explanation why it still doesn't rally? thank you
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School is back in session. The Professor is back!
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Yes - my ERX buy is holding out much better than my UWTI buy over the last couple of weeks.... You said that early in this series of "long" posts that the stocks would fair better than the commodity.
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TL still holding .....
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I have got to be honest , i'm not liking this oil. It has now broken the backtest and its looking to test the lower trend line created from the low of 2nd Feb and 2nd Aug. We could be looking at going down to the $42 mark. On the larger cycle of around 175 days , we are only 33 days in from the low.We should be looking at the second half of October until we hit the top. This is not a market to short but a market to be patient where you are holding longs or waiting for a good entry to go long.
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DS77 mrtommifunn
While its early... Today's candle isn't inspiring confidence. Haven't seen a wick that tall in some time.
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Thanks Sir! We greatly missed you! Thank you for sharing Sir!
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