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the_sunship
Dec 1, 2022 7:50 PM

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

WTI CRUDE OILTVC

Description

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.

Comment

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

Comment

Oil is close to 72 support, time to be cautious

Comment

I believe one more low on oil and then rally up

Comment

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

Comment

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

Comment

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

Comment

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

Comment

weekly 18ma reached on XLE, out of shorts - we'll see how it goes next week
Comments
Jdial
Good video! Easy to follow and detailed, thanks.
goldfinger_allen
Thank you very much, your video proofed my idea as well. just bought oil. have you brought it?
the_sunship
@goldfinger_allen, waiting for a solid reaction and then buying the pullback with a tight stop. good luck!
the_sunship
away from trading today but this price action does not look bearish. we may have finished only 1of 5 for the 5th wave. up for next week looks probable
the_sunship
@the_sunship talking about spx but may be similar for oil. be careful
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