chartwatchers
Long

OIL - Breakout or one more day in the range?

FX:USOIL   Crude Oil (WTI)
1829 31 35
6 months ago
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...
6 months ago
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
6 months ago
Comment: So it was a bull flag and we broke out.
6 months ago
Comment: New post in 5 minutes
US Dollar index is growing, that may incentive people to send the quote back to 45 once again?
Reply
chartwatchers PRO captain_smollett
6 months ago
It will have no effect on oil in the panic buying stage
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Turestedt
6 months ago
Wonder how big impact the news of oil shortage in Nigeria will contribute short term...
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saif12 PRO Turestedt
6 months ago
Do not ever watch the news, it is a game, Follow the charts, and never trust the news.
Reply
Turestedt saif12
6 months ago
Thanks for the advice. However, I do not agree with that. News is what fuels the masses. It will always affect the charts. News is many times a good indication for anti-trades... I think it's extremely important to watch the news... know what the masses are thinking.
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chartwatchers PRO saif12
6 months ago
Agree. They are starting to talk about oil deficit now at GS.
Reply
andrej123456
6 months ago
I am watching your charts for some weeks. You have the best Crude oil (WTI) charts, in my view.
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chartwatchers PRO andrej123456
6 months ago
Thanks Andrej. It was a big job. :)
+1 Reply
Rayge
6 months ago
i think oil may retrace at least 44.7 or uptrend line, rather than up directly
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Rayge
6 months ago
usoil at weekly resistance, downtrene line
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Sonic_scheme
6 months ago
looks like we broke out. Gj!
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chartwatchers PRO Sonic_scheme
6 months ago
Thanks
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AYosof
6 months ago
what is the target since it broke the resistance.
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MiDiGre PRO
6 months ago
Can you advice any entry point? Could be 46.70/46.80 a good point? Thanks...
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chartwatchers PRO MiDiGre
6 months ago
Buy ERX. Will be much bigger profit.
Or XLE.
+1 Reply
toothless chartwatchers
6 months ago
Do you not recommend UWTI?
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chartwatchers PRO toothless
6 months ago
You would be chasing the price.
Buy ERX or XLE. It might run only to 49. Or 49.5$.
We could have one more DCL from 49-50 with a 5-6 $ decline.
I think it's risky to enter now.
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val_trader
6 months ago
Where can we go from here ? Would it be possible to have a slight pull back ?
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chartwatchers PRO val_trader
6 months ago
OIL - the next target
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dimitriosb602
6 months ago
Nice break out today :)
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Staxs dimitriosb602
6 months ago
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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chartwatchers PRO Staxs
6 months ago
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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Staxs dimitriosb602
6 months ago
DXY down today too which is helping push Oil up. It will be interesting to see what DOE numbers come out on Wednesday (2:30 EST) to see if last weeks were an anomaly.
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chartwatchers PRO Staxs
6 months ago
I think the numbers will show deficit now.
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danbar
6 months ago
I am stock in SCO at 95. Should I hold or get out at this time?
Thanks.
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chartwatchers PRO danbar
6 months ago
Oil might run to 60$. AT that time SCO will be around 70$. Are you short in this or long?!
Reply
rjsulliv
6 months ago
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
Reply
chartwatchers PRO rjsulliv
6 months ago
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
6 months ago
Thanks man, you're awesome!!!
+1 Reply
AlphaDreams PRO
6 months ago
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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AL_G
6 months ago
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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