goodguy

US OIL: Setting up for a rise??

TVC:USOIL   WTI Crude Oil
If the dollar keeps dropping I would think that would support a rise in oil             as well as the precious metals. I see the form of the current drop from 1 to 2 as a corrective form and with the yellow target box now being hit. IFFF it holds above the recent low of about 44.16 I am looking for wave 3 up to start with likely a total of 5 waves up eventually to finish wave C. Personally will be taking a small long position soon with addition if recent support holds and short term down trend line broken. Process your own way. Hope this is helpful. Feedback appreciated.
Trade active: http://seekingalpha.com/article/4019465-big-short-squeeze-coming-oil-market-ahead-opec-meeting-video
Comment: If 44.16 doesn't hold today then next support level 42.72.
Trade closed: stop reached
Trade closed: stop reached: http://seekingalpha.com/news/3221322-reuters-saudi-arabia-threatens-lift-oil-production-latest-row-iran
Just out: oil inventories up with oil down. We'll see if it holds.
Reply
Hello, it seems like you have closed trade at the lows. Expecting of the future growth. Good trades to you!
Reply
goodguy PRO FreshOilTrader
Thanks OilTrader. You may be right about the exiting at the bottom. But could also drop a little more before rise. I still favor longer term we are in some kind of sideways action before the next rise.
chart:
snapshot

I think we may still a drop to the 41.25-42 level.
Good trading to you too. Consider posting some charts so I can see what you are thinking may happen.
Reply
Thanks for your answer and your forecast. As for now my forecast is not clear. I am awaiting of growth till 48.6-48.6 first but what is going to be than (if it happens) is not clear for me at all. Probably growth, maybe drop. My analytical skills is not enought right now. I dream for a 57 level in Oil but not fully believe in it.
snapshot
Reply
Dear goodguy, thanks for a detail forecast with the comments you have provided. Do you think that a probability to drop before a growth till 42.6-42.8 is high? Would be safe to open big long position right now?
Reply
goodguy PRO FreshOilTrader
Safety is a relative term. I personally took a small long position just now with the idea of a stop is it goes well below the 44.16 mark. If at the end of the day we have an encouraging candle formation I will add. You must process this on idea of risk. Take care. Good luck.
+1 Reply
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