chartwatchers
Long

OIL - Surprise to the upside?

FX:USOIL   Crude Oil (WTI)
2982 16 61
We have still 2-3 more weeks in this daily cycle (maybe 4-5 as this half cycle low was quite deep).
I was watching XLE             and ERX today. Both of them closed on daily maximum with high volume . ERX is just 1$ from the new highs.
Smartmoney is buying ERX and XLE             . They are positioning for the breakout from the consolidation.
Oil             is still suffering at the trendline . Does smartmoney know something what we and oil             doesn't?
I would say : yes.
I'm waiting for a positive surprise here in oil             . A surprise to the upside. Something what ERX and XLE             ( and a lot of idividual shares) are pricing in.
Today we tested back the trendline again. The falling dollar helped a lot for oil             to recover.

I'll be watching very carefully the HCL             low at 43$. We have no business below 43$.
If crude goes below 43$ with the falling ERX and XLE             I will get out of the position.
Comment: Surprise to the upside.
Comment: ERX broke out also.
I told you : smartmoney knew this coming. They were collecting these shares whole this week and last week.
snapshot
Where is up oil??what level
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ma.sanjuy Vishalpanchal84
is the market heading for a oil price crash !! seems so !! i would not be surprised to see $38 range soon hitting the charts. I am long from $46 onwards :(
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Looking at the daily chart for yesterday there was a big sell around 3pm EST. Wondering if they knew something the rest of us did not....
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You are great, master.
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Nice call! I look forward to your next post Arpi!
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You are a legend Arpi!
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Nice one m8
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just perfect
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Perfect!
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Fullmoon Parabolica
ride the bull to the moon :)
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