chartwatchers
Long

OIL - Breakout or one more day in the range?

FX:USOIL   Crude Oil (WTI)
1830 31 37
I think everything is on truck here with our long positions. The question is :
Are we breaking out from the flag immediately on Monday (1) or do we have to tag the bottom of the range - and the 200 EMA- one more time (2).
So 43$ is still not out of the table before we break out to 50$. I think the stock market will show the direction now at the beginning of next week...
Comment: As I'm watching the daily chart I feel that it wants to break immediately without going back to the range...
MACD, RSi, TSI are all showing theis. Plus we are very close to the 10 EMA there is no reason to tag it again at the beginning of next week...
snapshot
Comment: So it was a bull flag and we broke out.
Comment: New post in 5 minutes
you oil to 50 2 weeks ago and Goldman Sachs Bank said today oil to $50, a little late if you ask me :-)
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Should we close our 3x longs (UWTI, ERX...) now and just stay in our 1x longs (XLE, LGCY, ETC.) if there is retrace tomorrow?
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Just want to say THANK YOU for all your great information. Can I ask how long have you been doing this? Your predictions are always spot on, how long did it take you to get this good? Thanks
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Thanks for your support. I'm watching stocks for 16 years now. The secret of the knowledge is to use everything at the same time:
indicators, chart patterns, candlestick patterns, cycles. Plus you have to think like a bank robber: you always have to be there ahead of smartmoney.
+1 Reply
rjsulliv chartwatchers
Thanks man, you're awesome!!!
+1 Reply
I am stock in SCO at 95. Should I hold or get out at this time?
Thanks.
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Oil might run to 60$. AT that time SCO will be around 70$. Are you short in this or long?!
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Nice break out today :)
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Staxs PRO dimitriosb602
You can also use ETF's like "5OIL" which gives you x5 leverage but be very careful. Been in this since the 200DMA broke.. $50-51 is the obvious mid term target but looking to sell some at around $48.3
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It's too late for that now.
If you want a 3x ETF there is ERX. If we have one more DCL with a 5-6 $ decline 5OIL will reset you account
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