IvanLabrie
Long

Oil: Intraday view

TVC:USOIL   CFDs on WTI Crude Oil
1197 views
39
1197 10
I think it is safe to assume oil has bottomed and we will start trending up soon. Intraday charts show buyers stepping in, holding at the low volume support zone from the recent advance. This is a short term chart, but it is a good extra confirmation if you are placing longs now.

Good luck,

Ivan Labrie.
May 08
Comment:
If we don't hold here we can fall a bit lower.
May 08
Comment:
May 08
Comment:
May 08
Comment:
May 08
Comment: You can see how the low volume support was important here...
May 08
Comment:
May 08
Comment: Nailed that...means that buyers have stepped in at a logical 'unfair low' price.
$USOIL appears to have bottomed...
We'll add to longs gradually.
May 09
Comment: We need to move to a higher timeframe already. I will post an updated chart.
May 10
Comment:
You can see how short term trends acted here, and how the support I outlined held.

Everything was indicating I could add to longs on the dips, which I did, and now we can reap the rewards.

If we hold here or higher, we can be pretty comfortable in oil. Else we might need to see if we can add on dips, and trail our stops higher gradually.

Let's wait and see.
May 10
Comment: $Usoil, short term:
https://s3.amazonaws.com/tradingview/sna...
I can buy some more on the dip perhaps, but for now, I will wait.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Crypto, Equities and Commodities. Contact me here or @ http://www.fb.me/LabrieTrading

Related Ideas

Great work Ivan
+1 Reply
@Genghis, thanks!
Reply
:-)
+1 Reply
feels like a solid floor to me, what would you expect to see if this is not the bottom??
+1 Reply
:) thx Ivan! very educational
+1 Reply
Nice upside... Cheers
+1 Reply
I am always happy when my analysis agrees with yours! Good luck to us :)
+1 Reply
IvanLabrie SharkbaitAl
@SharkbaitAl, thanks and good luck!
Reply
What targets you looking at ?
Reply
IvanLabrie AvinashMudaliar
@AvinashMudaliar, see my long term chart in related ideas.

I am averaging in gradually now.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out