kizly

Oil up or down?

FX:USOIL   Crude Oil (WTI)
73 0 3
Seems there is no more space for oil             to stay undecisive. Today or latest monday it will break up or down. from the current form. If it breaks down 41,80-42,00 is the first serios resistance. If it breaks up it could test new hights.

From fundamental issues we are close to August - ussually bad month for oil             price. and it would be normal to go down.

If it goes under 42.50 I will buy oil             and oil             stocks. If it goes up I will not buy/sell it as I beleive the summer bottom will be lower than 44             .50.
Comment: No decision yet. To me major parameters show that break will be downwards, RSI trend, possible H&S, volums. Still wedge break upwards possible
Comment:
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Trade active: Yesterday I took small long position USO 10.69. I will put tight SL before report today.
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Comment: I beleive today after report USOIL will make decision and break either up or down from triangel. There is anyhow no space any more to stay in it :-)
Trade closed: target reached:
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break out up, I don't trust it. Sold USO.
Comment: Do we have new triangle channel forming?

Recently the oil likes triangles.

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