2015.11.03. high: 48.25$
2015.10.09. high: 50.85$
(Zoom out to see the red circles)
Everything is getting super now in oil . These are the moments when all the traders realizes that the lows are in. The panic buying is starting.
At these point I wouldn't buy oil . It's starting to be the chase of the price. What I would buy is: ERX and XLE . These ETFs will make you much more profit...
Stocks are very close printing their DCL. As soon as the DCL is finished they will start a rally to the all time highs or making higher high. In these circumstances the oil related ETFs and stocks will produce a very nice run even if oil just stays in a range.
Oil might run higher than 50$. But we are getting late in this cycle : I would offer it for buying if it tests back the breakout at 46.45.
For those who are long with me my recommendation is to hold the position we will close the position around 50$.
This usually lasts for 4-5 days.
Today is day 2.
But I couldn't stand and entered. It is a real hard fight know with the dip buyers and funds and smartmoney.... AT the end it will be good but I was watching 3x more gold shorts on my computer than my oil longs. On oil longs there is a great profit and on the gold shorts there is a small profit - and a loss on DUST ...
There will be much better opportunities at the end of summer with great profits than shorting oil from 60$ which could go to 70$... :)