USOIL and XLE - some ideas on the Short and Long term

CFDs on WTI Crude Oil (TVC:USOIL)

Updated

TVC:USOIL CFDs on WTI Crude Oil

Chart Patterns Technical Indicators Wave Analysis Crude Oil WTI

chartpattern indicator waveanalysis usoil

All in the video, one more down for USOIL looks correct and then a rally up to test 18ma on week/monthly charts. Long term is fuzzy, but 70 is a level bulls want to hold for sure into next year. Good luck!

Comment:

looks like a sell has started.

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Comment:

XLE approaching the neckline and the daily BB, should find support but if not, the neckline will become resistance

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Comment:

Oil is close to 72 support, time to be cautious

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Comment:

I believe one more low on oil and then rally up

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Comment:

target area reached on oil, could go lower, but I'm not pressing it.

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Comment:

OIl looks finished, steep bull divergence on 2 hr chart.

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Comment:

OIL, bounce from support level - possible Cup and handle formation targeting 80 level

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Comment:

nope, at least one more down, probably under 70. xle target of 82 still valid

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Comment:

weekly 18ma reached on XLE, out of shorts - we'll see how it goes next week

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