TVC:USOIL   Crude Oil (WTI)
3011 21 65
OPEC has surprised the market. The deal shows that they really want higher oil             prices...
The daily close is not important now. We don't need a daily maximum close. The important thing that price has broken the cycle down trendline ( blue) and with this move it confirmed the DCL.
With all this we are on day 8 in a new daily cycle. We have around 5-6 weeks to run.
The RSI bullish divergence worked quite well. RSI can get overbought and can stay at overbought levels for weeks. MACD crossover below the 0 level also a good sign that a rally is starting.

We also break above the green trendline . That was the first daily cycle's trendline . The testback of the green trendline was the last hope of the bears. As we break above both the blue and green trendlines at 46.29$ it will act as strong resistance now. I think we are going to attack 49$ and 51.69$ very soon.
Comment: Our two previous trendline ( blue and green) should act now as support.
We are at the green trendline now. If we break below it the blue trendline must hold.
snapshot
Comment: 46.53 and 46.13 are the 2 levels to be watched.
Comment: The 200 EMA (purple) will be very important during this daily cycle.
snapshot
Thank you!
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Just closed my shorts(1000 shares of DWTI), i was sweating from -$1800 to $308 profits. What a crazy day!
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Where is my GOLD analysis? :)
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Apri, does that mean 42-43 is virtually out of reach?
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Virtually yes. But we might get a fax.
+3 Reply
chartwatchers PRO chartwatchers
;)
+1 Reply
shinsky chartwatchers
Thanks! I appreciate the memo!
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I know it's just an idea but I'd like your analysis and thank you.
+1 Reply
great analysis Arpi! what about SPX ? it will follow this uptrend?
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If oil stocks rally that willpush SPX too. I'm watching the cycle and if I see any changes to exit positions I will post.
+1 Reply
ice_holly01 PRO chartwatchers
Thanks for the chart. I still hold ERX.
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AlbCM chartwatchers
but what if spx goes down as it is supposed to due to the upcoming election? Oil will surely follow, no?
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one more "gift" from chartwatchers
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Hope it's not this one!! https://youtu.be/X-rkFaIPyL4
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Just humor. I'm VERY long with you.
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LOL. It will be gold's lightspeed. But it will be fixed soon.
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Class act mate!
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can u update natty?
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posted
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Hello, would you provide some update of what you are thinking.. is it now moving to 51.69..?
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