chartwatchers
Long

OIL WEEKLY UPDATE - The Bull Awakens

FX:USOIL   Crude Oil (WTI)
166 0 11
We had a fantastic week in oil             and in the energy sector.
As I was posting last week the energy shares and oil             were showing divergences. Oil             was making lower lows, but the energy sector was crawling higher and higher.
What's the reason? Saudis started to cut? Oil             companies were given a promise that price will raise?
Gold             was showing the way to the whole commodity sector that time to bottom?
I don't know, but the chart is not lying. We have two white soldiers on the weekly chart, and I'm 100% sure that we will get the 3rd one next week...
- On the weekly chart we have a double bottom formed,and a breakout from the double bottom .
-We have a beartrap :trapped shorts whose short covering will catalyze this rally
- We had a trendline break .
- We have beautiful divergencies between the price and 3 indicators.
- We have a MACD crossover on the weekly chart (!!!!) this thing you don't get every week.
- And the whole world needs higher oil             prices - except us small costumers...

So we have everything for an oil             bull market. It's still not too late to get in. It's just beginning. We might have a testback to 34$ ( double bottom breakout) or 33$ trendline testback , but forget about seeing OIL             prices below 30$ until 2060.

Looking forward to see 40$ and 50$ OIL             soon. Once oil             finds a direction it keeps going, so don't try to short it , or don't wait too much for a pullback - it might not come - because price runs away and you 'll be left behind.
Start a smaller position on Monday and add at the pullback if there is a pullback. If not then enjoy the ride with the core position.

Don't forget: when everybody is talking about irrealistical numbers like oil             to 20$ or 10$ that is our time to long it. Governments and powers will not tell you in the Saturday 18:00 news that OIL             will start to rally next week get into position. When the news will tell us OPEC are cutting price will be 50-55$ and we will be closing our positions.

So all my bets are on the awakening oil             bull .



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