OIL - Next week

FX:USOIL   Crude Oil (WTI)
2283 36 46
Next week Sunday we have the Oil             Producer Meeting in DOHA.
Most probably price will be trending in the channel .
The move will depend on how nervous will be
the market... (Green and purple trendlines inside the channel)
Next week price will attack again the daily 200 EMA but I think we won't break it next week.
We can have a pullback to 38$ early next week.
Comment: If price is coming back to 38$ it can be a good entry point for the test of 200 EMA or for the break above it.
In the next 1 month I think we will reach 50$ at least.
Comment: Oil is really going crazy in the opening.
Shorts are in panic. I hope you are all long or at the sidelines...
I'm quit sure we come back to the 20 EMA at the 4hrs chart.
If you are not in wait patiently.
Comment: I have a feeling that the pullback is done.
WE came back to the 10 EMA on the 4hrs chart.
THey are pricing the DOHA agreement.
Comment: We are crawling on the upper trendline.
Heading to the daily 200 EMA. ( 200 SMA is already broken it was at 40,5- I prefer the 200 EMA)
They are pricing the DOHA agreement.
Comment: 4 hrs support is at 10 EMA ( red )
Comment: Arrived to the 200 EMA.
Wow. That was fast.
Hi, do you think profit taking is good at the moment? This coming Sunday the OPEC & non-OPEC meeting outcome is still unsure and now the speculators are jumping on the wagon with no valid reason.
Dont touch it.
If you want I show you how many emails and personal messages I got like:
" I sold my oil at 38$ when do you think it's good to enter again...?"
CyBriz chartwatchers
roger that :)
Or another idea. If you cannot sit on your hands - :) -
then try to invest into some oil shares or oil related vehicles like ERX oil GASL....
I posted a few shares ( LGCY, VALE, SXE etc...) they will run for 1-2 years. When oil will just be in a rage for months these shares will trend up for months...
+1 Reply
TamerFawzy chartwatchers
I don't think this is going back to 38!!
Looking desperatly for an entry - hopefully the data tonight will be bad so that we get a small drop before hell is breaking loose again.
Do you see how strong it is?
That's why I told not to short it.
I hope at least who are reading me not shorting oil...
nexuz chartwatchers
I learned that lesson - only trade the trend :) and that is definatly bullish. Its unbelievable that a lot of guys still trying to short. Its just hard to sit at the sidelines atm
should we go long now?
38-38.5 is still on the table.
We are still in the chanel
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