chartwatchers
Long

OIL - bull flag again

FX:USOIL   Crude Oil (WTI)
2466 32 48
We are printing a bull flag again. I'M waiting for a breakout to 45$-46$ soon.

I see again people here at tradingview that shorting oil             .
Guys we are in a new bull market ! You cannot short this market in this year.
You might be lucky and pick some money from the bull but most of the cases you will lose.

At least you who are reading me please don't short it. Now everybody will realize that the 27 $ oil             is history. All the big funds will start to take position in oil             and oil             shares.
If we reach the top of this intermediate cycle after few weeks we just close our position and go for long later. But I won't short this market...
It will be impossible to catch the top of a starting bull market's first phase. I studied it hard in 2009 May.

The maximum pullback we can have in this flag is 42 that is the breakout level and the 200 EMA at the daily chart .
If someone want to go long that's the last entry point. AFter this we are running out of time and will be more and more dangerous to short - the chance of a correction is higher from week to week.

I'M holding every position in the Energy trade. I will post there if I jump out.
Comment: The more time we spend here between 44.5 and 42.5 the bigger the chance that it's a bull flag.
More and more people will see the flag pattern...
Comment: We are attacking the upper leg of the flag.
We turned exactly where I predicted.
Comment: Voulme is supporting the flag.
snapshot
Comment: Can we break out finally?
Comment: Flag is broken.
Want to see short coverings now at the purple and red lines...
snapshot
Comment: Purple line bears destroyed.
Comment: ... and here is the breakout after market close with the stoprun.
Red line bears destroyed.
Never short the oil bull !
Chartwatchers....you are very good at "Flat" I presume. Good analysis on this one! Is this idea based purely on technical or w/ certain fundamental as well? And seemed a bit contrarian too...lol.
Reply
... and here is the breakout after market close with the stoprun.
Red line bears destroyed.
Never short the oil bull !
+6 Reply
Could it still be in a bull flag?
Reply
We broke out.
press play on the first picture
+4 Reply
Yes, we can! =) But it will be a breakout based on USD weackness today, not sure if I want to trust it really...
Reply
I think this baby is about to blow, just touched 61.8 retracement at 42.6, possible three drives pattern on 2 hr chart and three green soldiers on 2 hr chart....
Reply
Totally Agree abd Thancks for nice analys.I think i can see even that it can be round 40$ before rally to 47-50$.What you think?
Reply
42 $ is a strong resistance. We are clearly in the bull flag at 4hrs chart. The last bull flag broke down instead of breaking up because of the saudi trick.
This time I don't think it can break down.
Bull flags are breaking up in the 90% of the cases. I think the maximum we are able to come back is 42$ - the 200 EMA on the daily chart.
+2 Reply
Josef2016 chartwatchers
If 42$ is maximum consolidation,then impuls will come soon,maybe even in April?Thanks.
Reply
The flag won't last for weeks. It should break out this week.
+1 Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out