Now we have left every important EMAs the next targets are the highs of the last years decline: 2015.11.03. high: 48.25$ 2015.10.09. high: 50.85$ (Zoom out to see the red circles)
Everything is getting super bullish 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$. But we are getting late in this cycle : I would offer it for buying if it tests back the breakout at 46.45.
For those who are long with me my recommendation is to hold the position we will close the position around 50$.
Comment
⋅
Panic buying with grenn candles on the 4hrs chart. This usually lasts for 4-5 days. Today is day 2.
Comments
mabaert
⋅
expecting oil to rally soon, news coming. Would you consider an update for the relevant oil-related stocks?
jackcrudeoil
⋅
Hi chart..you are simply the best..you are my guide, thanks for all and compliments for your analysis
andrej123456
⋅
And CLF shares, are they worth buying right now ? Or they probably didnt bottom yet ?
NihalCassim
⋅
way too good chart! You said it first!
chartwatchers
⋅
Thanks Nihal
xiiimik
⋅
Once ~50 achieved, will you enter short?
chartwatchers
⋅
No. You don't know where this bull will end. Maybe at 60$. Maybe at 70$. There will be a correction sometime around at the end of the summer I will try to reenter in a long position again there.We see in real time. But no oil shorts. I sweared to myself that I will not open a gold short position, because I knew exactly how hard is the topping procedure at the end end of the new bull market first phase.
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$... :)
xiiimik
⋅
Thank you for reply. I will consider it. So you holding DUST now? (I'm holding GDXS, partly because to your posts)
chartwatchers
⋅
Yes I'm holding.
mandingo78
⋅
scusi chart pur sapendo che non segue questi mercati visto la sua competenza troverebbe il tempo per dare sua valutazione su eurostoxx e mib italiano grazie sembra che oro stia mollando la presa