FX:USOIL   Crude Oil (WTI)
6112 48 78
Before someone would start to chase             the price here I would suggest some caution here...

First of all I wish we could have gone all in with shorts at this idea:
OIL - Summer sale

:)

It seems oil             has printed its intermediate bottom. It broke below the 200 daily MA but recovered very fast and started to rally. Some of us were able to enter with longs at the 200 MA. For those who are still at the sidelines I would suggest some caution here. I didn't erase my red trendlines in this chart what I set a few weeks ago. I'm quite sure that we are going to print a double bottom - or beartrapped double bottom - before the real rally starts to 60-70$.

So if you enter here - RSI is overbought , MACD might want to cross over - be ready that price will come to 38-39-40$ with a double bottom .


Comment: I'm a bit frightened now.
When Saudis opening their mouth oil is heading to the opposite direction next day...

Now we have to wait till tomorrow to see if they just wanted to sell into this breakout....
Comment: Last time they were buying at the DOHA meeting at the "Saudi beratrap bottom"
Are they building a bull trap now??? And we will have an undercut double bottom?
I've been following you since the Oil was around $27 and i really enjoy your analyzis and learn from you, I would like to share my view i that i just came up with you and everyone that follows you and you. I see a potential Cypher which ends at 40.31. That sets up a potential butterfly patter with C point hitting the up trendline and completing at 37.75 maybe even 35.90 before we continue the rally to 55 or even higher. Best regards and waiting for a reply :)
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really want to be long, but dont really want to chase this but I sure am tempted to chase now after todays action. Feel $44.40-$44.50 area might show some resistance., anyone agree? would expect/hope for pull back and better long entry in coming weeks. continued short covering rally by managed money as they have large short position built up, curious what COT report shows this week; absolutely would not want to short into this now I dont think.
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Do not short this! Fundamentals are now changing substantially, oil production is in balance again. Only a question of how long it will take to bring it above 50$.
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ja.piotr.bor carli1506
Yeah in 24-48hours all fundamentals changed. What a BS...
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I lost directions. The spike up today caught me by surprise.
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AaronSwan liuzhiji8888
I would like to know thoughts about a continuation of the todays rally for tomorrow, I would like to compare charts. Thanks in Advance
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Look more like a breakout than a bull trap.
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traderzaius traderzaius
I find it hard to believe they can engineer a move yesterday then another one today when they are going in different directions. What difference did 24 hours really make?
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so I think you suggest us to watch rather than enter the market. Am I right?
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I think that oil should approach low $30 for geo political reasons. It is just my speculation. But it will NOT got o $60-$70 in nearest year for same geo-political reasons. In order to allow that you need to take market share from Russia first. Like US or Saudi's supply EU and China or something like that. Unless US's grip is weakening.
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