SETUP only at retest of the break of the lower dashed. Entry only at 2 if it forma a Gartley. Fundamentals and the chart don't agree. With the OPEC cut we should see Oil price increase. At this moment the charts tells me to go short. Because of the divergence at this moment between chart and Fundamentals, I'd only feel safe going in at the reversal of wave 2. If it gets there. If it breaks above (II) I'll recount with that new information.
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Still deciding. No trade yet, 3 or 4 days untill setup is activated or canceled
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Gapped up on the weekend with the news, not looking very strong, so may continue down, even though oil production is reduced. Maybe with the US finding several bilion barrels to explore of Alaska
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I_am
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How does this play into your thoughts of where oil could go? Maybe this discovery will ease the increase prices from opec as far as the market is concerned?
@I_am, That could explain the chart that diverges from fundamentals. OPEC reduction should make price go higher, but analysing the chart I don't see it. Remember that news many times send investors the wrong way, so if everyone starts buying oil expecting the price to rise you may just have the inverse happen. Thanks for sharing the news
columbian.com/news/2016/nov/16/shale-oil-field-in-texas-largest-u-s-discovery/
November 16, 2016, 5:44 PM
DALLAS — A vast field of shale rock in West Texas could yield 20 billion barrels of oil, making it the largest source of shale oil the U.S. Geological Survey has ever assessed, agency officials said.