chartwatchers

OIL - Panic selling : DAY 4

FX:USOIL   Crude Oil (WTI)
3221 47 62
We are almost there ... 1 - 1,5 weeks and oil             will be rallying out of the bottom.
As we broke 44.40$ the panic selling stage was triggered at the end of this intermediate decline. Today is day 4 of the panic selling.
If I'm right we will be bottoming by next week Tuesday -Wednesday. Some consolidation for a few days and a rally out of the bottom.

Today's data was weak so the panic selling continues. We are heading to the purple box.

Today we just tagged the FIBO 38.2 level. This is an important level. Some of the bears will close the short positions here so I don't think we will drop a lot more today. The bottom ( ICL) should be between FIBO 38.2 and 50 .
So hold on for a few more days and we will be buying.

We are not going to take out the Saudi beartrap bottom during this correction.
Comment: Panic selling - Day 5
One day closer to the bottom...
I think Stock markets will print a HCL in the following 2-3 days. That will be the last push for oil to arrive to the bottom. As stocks are coming out from the HCL oil will start to rally again in its new intermediate cycle.
snapshot
Comment: ERX is not buying the oil drop.
Nor the oil shares.
snapshot
Comment: Day 6 of panic selling with new low again.
We are at the box 1 day earlier.
Contrarians will say that this forecast was not exact. :)
snapshot
Hi can u pls tell us at what level u r buying oil? Thanks a lot
Reply
Hi chart...which price do you suggest to wait for buy??thanks a lot
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chartwatchers PRO jackcrudeoil
I'm buying in this minute.
New post.
Reply
Weekly shows a truly symmetrical pattern, today should be the lowest day ...24 weeks either side of the low at 27 dollars....should bounce next week, but then who knows.
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Low volume = no more sellers. The low is just about here. Now is the time to back up the truck.
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What is HCL - cannot find anywhere.
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chartwatchers PRO pbartashevich
half daily cycle low
Reply
Dps chartwatchers
In the Box already..
Reply
Oil producers might be high on Natural Gas today. Oil and Gas moved in different directions so companies just stayed.
Reply
traderzaius pbartashevich
not even sure how NG is traded anymore.... its the hardest thing to hold
Reply
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