goodguy

US OIL: Setting up for a rise??

TVC:USOIL   WTI CRUDE OIL
196 6 2
a month ago
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.
a month ago
Trade active: http://seekingalpha.com/article/4019465-big-short-squeeze-coming-oil-market-ahead-opec-meeting-video
a month ago
Comment: If 44.16 doesn't hold today then next support level 42.72.
a month ago
Trade closed: stop reached
a month ago
Trade closed: stop reached: http://seekingalpha.com/news/3221322-reuters-saudi-arabia-threatens-lift-oil-production-latest-row-iran
FreshOilTrader
a month ago
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
a month ago
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
goodguy PRO
a month ago
Just out: oil inventories up with oil down. We'll see if it holds.
Reply
FreshOilTrader goodguy
a month ago
Hello, it seems like you have closed trade at the lows. Expecting of the future growth. Good trades to you!
Reply
goodguy PRO FreshOilTrader
a month ago
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
FreshOilTrader goodguy
a month ago
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
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