OIL - No market for short men

FX:USOIL   CFDs on Crude Oil (WTI)
776 6 22
Despite the inventory data oil             couldn't even tag the 20 EMA last week.
Moreover it was closing above the 10 EMA again. That means to me that oil             is so strong that it might not test back the breakout level at 34.26... It seems to me that last week we just had a pullback again and the rally will continue.
I'm quite sure that this week we will attack again the 200 EMA and price finally will break through it.
If we break through the 200 EMA , the 200 EMA will turn up and we can make the official call that the oil             bear is over.

Things are happening in the markets are exactly what warned you a few weeks ago :
OIL             , stocks, indexes are going higher and higher because all the central banks are printing money and this money is going into the commodity sector and int the stocks market. So these markets are not suitable for short yet. Don't be one of the top callers' victims.
These markets are not going to go down for a while....

I will monitorize oil             in the following weeks. There is a high chance that we won't get a daily cycle low ( a decent correction) for weeks or months. We might go up to 60$ with similar pullbacks we had last week Thursday - Friday....

I will also post an oil             / energy portfolio which I will update daily.

this year is year of monkey in chinese zodiac, need to be more nimble than a monkey or it will turn us into one. cheers and happy trading.
what I saw am seeing on igmarkets charting, May and June contracts opened high. 35 and 41 respectively. this leaves a huge gap down all the way at 30.10-30.20. from april contract. This will have to be covered before we can move any where. whilst I agree that oil will move higher, it will only do so more consistently after July. For one simple reason, the quarterly trend chart is still very crappy. we need another 2 bars on the quarter chart to at least turn the stochastic around. from 110-26 only a big time frame chart can wield such power. what we are seeing now is the balancing of the weekly and daily chart. hence the violent moves.
Should always combine both technicals and fundamentals to get a clearer image.
USD alone could affect the pricing of oil in turn which will affect your technicals.
Today is the typical example when the USD watcher traders are fleeced.
With the weakening USD gold is not going higher but oil is falling ( based on USD weakening gold and oil should soar...)
In the middle of the currency war you cannot use the USD to predict the direction of commodities.

I dont watch fundamentals because I dont have a trustworthy source ....
Fabby chartwatchers
i only said USD alone could skew your techs.
However, you do not take into consideration underlying fundamentals within a commodity.
Do not ever conclude so certain based on technicals alone, they can assist in short term trades.
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