Technician

Watch this Level : WTI Oil Daily | #FOREX

FX:USOIL   Crude Oil (WTI)
1055 7 14
The next major daily(Short term) Resistance level to watch for WTI Oil             . Watch for a rebound or a breakout.
Note: Good scalping opportunities at that resistance.

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The 51.00 level's been tested. Might take time, but could be a big breakout after making it through 51.

BBEP is a US oil stock that has higher beta than USOIL and OIL. BBEP had a similar pattern with a similar resistance level at 7.18. Notice BBEP's candles are in a similar shape.

Today, BBEP broke through that 7.18 level, to make over a 17% gain in 1 day. That BBEP broke through its 7.18 resistance level, ahead of USOIL, is a good sign, IMO. I think USOIL will go up. And US Energy in general, has turned.

But I'm more optimistic about other energy stocks, including GPRE, and STKL, both of which I hold, and both of which did good today. Even TSL and CSIQ (which I also hold) did well.

But I wouldn't be a buyer or a seller right now. I take it as a good sign and will buy more BBEP on the pullback.
+1 Reply
GMOTruths GMOTruths
Correction SPWR (SunPower) not STKL (SunOpta).

Energy stocks are up today.
SPWR
CSIQ
TSL
BBEP

BBEP is up about 20% and I'm still holding.
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Dollar Index going down.. maybe this will help Oil go up
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yeah highly possible that we see stabilization in oil prices now
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GMOTruths Technician
Oil turned.

I charted this out (a lot of people charted this out), marking levels back to 2008, 2002, finding the lower trend line. Tim West said that when you can buy 25 barrels of oil for an ounce of gold, sell gold and buy oil.
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Very impressive call .... could go up but could also come down?
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lol. .. This chart is called watch this level, it just point to levels not trades.
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