chartwatchers
Long

OIL - Daily update on the 4hrs chart

FX:USOIL   Crude Oil (WTI)
2991 14 47
2 months ago
Today we had our follow through. Oil             is doing what we were waiting for yesterday.
We tested back the previous daily cycle's trendline. It was a possible entry point for longs or a possible point to close the shorts.
The EMAs are starting to line up, at the trendline backtest we also tagged the 10 EMA. This is the first step of starting the rally. On the way up we are going to tag the 10 EMA again and again. Sometimes we break it down to tag the 20 EMA .
RSI is not in the overbought territory : if it enters it can be there for a long time.
MACD is also turning up. I think everything is ready for a 3-4 week rally.

I like the 2nd daily cycle of the intermediate cycle. It's usually the greatest rally.
In gold             and in stocks the 2nd daily cycle was not so great. Hopefully here in oil             we will get a nice rally.

2 months ago
Comment: NIce follow through today. We are attacking the 1st daily cycle's high right now.
We are going to break it soon.
The next resistance is the last intermediate cycle high.(blue)
snapshot
2 months ago
Comment: I left on the chart the 2015 intermediate high level (red) but I don't think that will be a serious resistance.
2 months ago
Comment: I see some divergencies evolving on the 4 hrs chart.
Most probably we will test back the 100 EMA and maybe the 200 EMA.
I will play a bit in the energy trade selling some USOIL and buy back at lower prices.
snapshot
DiaTronik PRO
2 months ago
i think u will be disappointed , 48.40 area is strong defended by sellers and OPEC deal are meaningless with their plan which is not clear yet.
Reply
DiaTronik PRO DiaTronik
2 months ago
snapshot
+1 Reply
watsonzou26 DiaTronik
2 months ago
Good chart!
+1 Reply
shinsky DiaTronik
2 months ago
Looks like you were disappointed. Nice try bud :D
+2 Reply
ok14
2 months ago
above hard without correction. market is an organism need to breathe. I took a short Brent
Reply
ok14
2 months ago

Gold bought a long, today
Reply
playthetrend
2 months ago
Would you think we need a pull back on the intermediate high? The last pull back is so confusing
Reply
val_trader
2 months ago
Hi, today we have EIA, this should be bullish after yesterday bullish API
Don't you think we might get today to 51 ?
Thanks !
Reply
playthetrend val_trader
2 months ago
I agree with you. Today we will get higher.
Reply
playthetrend val_trader
2 months ago
With the missing adp as well as possible missing Friday job report. A decide's strong hurricane is slamming southeast. I think we will hit higher.
Reply
MMadryga
2 months ago
11.2 million barrel decrease

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) decreased by 3.0 million barrels from the previous week. At 499.7 million
barrels, U.S. crude oil inventories are at historically high levels for this time of year.
Total motor gasoline inventories increased by 0.2 million barrels last week, and are above
the upper limit of the average range. Finished gasoline inventories decreased slightly
while blending components inventories increased last week. Distillate fuel inventories
decreased by 2.4 million barrels last week but are above the upper limit of the average
range for this time of year. Propane/propylene inventories rose 0.7 million barrels last
week and are above the upper limit of the average range. Total commercial petroleum
inventories decreased by 11.2 million barrels last week.
Reply
playthetrend
2 months ago
sold 200 contract USO on EIA data. I still keep another half position for better price because not a lot of shorting here. Maybe sell tomorrow. But the next week's hurricane is definitely a buy.
Reply
bertcoin PRO
2 months ago
I've wandered out of this trade, closing today. Thank you Arpi for KEEPING ME IN IT. It's close enough to a number of targets for me to move to the sidelines and wait for the turndown.
Reply
chartwatchers PRO bertcoin
2 months ago
Amen. I'm moving the capital from oil to miners on my account also. Marketwatch is talking about oil and NatGas is breaking out. So it's time to get out. LOL
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out