IvanLabrie
Long

Oil WTI: At a critical juncture

TVC:USOIL   WTI CRUDE OIL
4 months ago
If we don't see bearish follow through within the next 3 sessions we can expect further upside in crude.
I'm long small with a wide stop, and looking to add and tighten the stops soon.

Good luck,

Ivan Labrie.
4 months ago
Comment: Good progress. I'll add to longs aggressively on a break of today's high after the close, and will tighten the stop loss to today's low.
4 months ago
Comment: Testing lower levels of support. I'm out but will reenter on a new daily high.
4 months ago
Trade closed manually
4 months ago
Trade active: Clearly, bulls now in control, let's see for how long.
4 months ago
Trade closed manually
4 months ago
Comment: (oil could remain sideways, in a triangle here, but, if it breaks resistance above, it could rally really strongly)

This is when fundamentals kick in, OPEC members will likely fight for market share with higher prices, so we can expect to remain range-bound for a long time.
4 months ago
Comment: (buy airlines)
4 months ago
Trade closed manually: Good spot to exit oil longs, maybe half, and buy back lower.
4 months ago
Comment: Good time for both the buy, and the sell. We have to wait for 3 days, which matches the open after the OPEC news date.
4 months ago
Comment: The Obama news might create some volatility: http://www.zerohedge.com/news/2016-09-23/siding-saudi-arabia-obama-vetoes-sept-11-bill-passed-unanimously-congress

I'll be looking closely at oil, to jump back in the long. I expect the trend to turn wildly bullish after we break up from this range. For now, it seems like the monthly resistance needs time to break:

snapshot


It can break it by the end of the month, or in 2 more months, as a minimum, it can also take more time than that, but when it breaks up, it has between 46% and 140% upside. So, buy dips to the bottom of the range, sell partially at the top.
Price probably won't go too far down due to fundamentals.
4 months ago
Comment: *buy dips at the bottom of the range
3 months ago
Comment: http://www.bloomberg.com/news/articles/2016-09-19/at-500-million-a-pop-it-s-an-oil-gamble-that-has-no-precedent

This might be relevant.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
raven192
3 months ago
The hard flush down to clear out the longs?
+1 Reply
IvanLabrie PRO raven192
3 months ago
Yes, precisely.
Reply
summer6
3 months ago
thanks Ivan :)
+1 Reply
IvanLabrie PRO summer6
3 months ago
Welcome, good luck!
Reply
raven192
3 months ago
Next week will be interesting,

Oil Tumbles To $44 Handle After Saudis Confirm "No Decision" Next Week, Fed Crackdown On Bank Commodity Holdings

http://www.zerohedge.com/news/2016-09-23/oil-tumbles-44-handle-after-saudis-confirm-no-decision-next-week
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out