chartwatchers
Long

OIL - Daily update on the 4hrs chart

FX:USOIL   Crude Oil (WTI)
3013 14 52
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.

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
Comment: I left on the chart the 2015 intermediate high level (red) but I don't think that will be a serious resistance.
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
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.
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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
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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.
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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.
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Hi, today we have EIA, this should be bullish after yesterday bullish API
Don't you think we might get today to 51 ?
Thanks !
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playthetrend val_trader
I agree with you. Today we will get higher.
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playthetrend val_trader
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.
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Would you think we need a pull back on the intermediate high? The last pull back is so confusing
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Gold bought a long, today
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above hard without correction. market is an organism need to breathe. I took a short Brent
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