chartwatchers
Long

OIL - The gift

FX:USOIL   Crude Oil (WTI)
2313 29 53
I think we are done here with the pullback. Today morning I was hoping that we drop down to the 50 EMA .
Didn't happen though. It wants to turn from the 10 EMA .
Today we also tagged and breaking through the upper trendline of the flag.
Indicators
SlowStoch is crossing over again and heading upper. It's already overbought but in the 1st daily cycle it can be overbought for a long time.
RSI - this is important - we are turning up from the 50 level.
MACD - above 0 level. Looks good to me.

The only thing I don't like: today's volume . It should be higher. Tomorrow I would like to see a big volume green candle. That would be our "long insurance".

We are going to top in this daily cycle in 12-14 days from now. So I think this is the last entry point in this daily cycle to catch some money of the rally. The next entry point will be only the daily cycle low.
So all who wants to enter this is the point . It is a gift. Take it.
Arpi - Any thoughts before close today? Given the FED pulled a 180 and made hawkish comments? Thx.
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I have to agree, those who just got into oil, even right now, wait 2 weeks, you'll be sitting in the 50s range. There is still time to enter before next leg up.
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what is the targate up?
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great confidence.
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I dont get why ppl are trying to short oil look at the bigger picture. Yes it was a good short a couple of years ago.

btw Nice charts Chartwathers :)

snapshot
+1 Reply
Hi, thank you very much for your view, reallu an excellent study.
Here I have a couple questions :
1) don't you think that September EIA report, due to seasonal effect, will be bearish and that we're going to have WEN upsidedown movement to take into account ?
2) Today's Yellen Speaks will have any effect in your view in oil prices?
Thanks as always for your patience !
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oil is forming a descending wedge on a 4 hr chart and ready to break it to the downside towards 43 dollar which will overlap wave a meaning we are in a monthly down trend oil is heading to 10$ a barrel
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this descending wedge was a bullish reversal structure and has already broken to the upside and will now likely complete a classic accumulation structure. i am targeting the weekly inflections 52.74 with an anticipated top of 54.2 and expect prices to maintain a 48-54 weekly range over the next couple of months.
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chartwatchers PRO smitheric1970
I agree with you Eric. This DC could top around 44-55.
And zhe 2nd daily cycle could be a range just like gold...
But I think by the end of the year we will be around 60. Thanks for sharing.
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chartwatchers PRO chartwatchers
54-55...
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