While the most of the oil newsletter writers are still calling for oil 40 and 42 I would like to prepare you for the next resistance in oil.
We broke above the magic 47$ level and stayed there. Also we sliced through the green trendline and still above that by the weekly close.
I don't think we will print a double bottom as many people think. It was a mild ICL and it seems we are heading higher and higher day after day.
The 100 EMA testback on the hourly chart was a good sign that on the hourly basis the bull trend rules are working.
And you know how it is: when oil starts to run it runs.
So the next resistance on the daily basis will be the 200SMA and the 50 EMA. Which is more important?
It doesn't matter now because they are both at the same level : 50$.
So I think the next 2 weeks will be spent by fighting around this 50$ level but finally - maybe at OPEC - we will break through it .
Notice that this daily cycle has to run at least the previous top at 55$....
This chart is showing only the price action and the price. The timing is not good. It will last for weeks while we reach 55$....
We broke above the magic 47$ level and stayed there. Also we sliced through the green trendline and still above that by the weekly close.
I don't think we will print a double bottom as many people think. It was a mild ICL and it seems we are heading higher and higher day after day.
The 100 EMA testback on the hourly chart was a good sign that on the hourly basis the bull trend rules are working.
And you know how it is: when oil starts to run it runs.
So the next resistance on the daily basis will be the 200SMA and the 50 EMA. Which is more important?
It doesn't matter now because they are both at the same level : 50$.
So I think the next 2 weeks will be spent by fighting around this 50$ level but finally - maybe at OPEC - we will break through it .
Notice that this daily cycle has to run at least the previous top at 55$....
This chart is showing only the price action and the price. The timing is not good. It will last for weeks while we reach 55$....
Comment:
I'm adding here...
Comment:
You just need to follow the right EMA when the trend starts.
It was a buy a yesterday.
Your account should look like an oil tanker now.
It was a buy a yesterday.
Your account should look like an oil tanker now.
Comment:
50. And not cents.
Dollars.
Dollars.
Comment:
Eventually we will need to test back the 100EMA again next week.
Comment:
100 SMA.
Comment:
I will try to play the 100 EMA tag on the hourly chart.
I will close 25% of the long position.
It's the US Crude July 2017 CFD if we tag the 300 EMA I will buy back the US Crude Aug 2017 CFD so I not just trying to sell the top of the hourly trend but slowly changing the CFD for a later one.
I never let a CFD to run out in oil. I want to decide when I close.
I will close 25% of the long position.
It's the US Crude July 2017 CFD if we tag the 300 EMA I will buy back the US Crude Aug 2017 CFD so I not just trying to sell the top of the hourly trend but slowly changing the CFD for a later one.
I never let a CFD to run out in oil. I want to decide when I close.
Comment:
THere is a typo : not the 300 EMA tag , the 100 EMA....
Comment:
ANd of course there is a chance that I will not be able to reopen this position...
Price might runaway. In that case we still have 75% to run...
Price might runaway. In that case we still have 75% to run...
Comment:
Folks don't panic out. We are exactly doing what I was waiting for. It would've been better to sell that 25% at 51 but my crystal ball is not working so good.
Comment:
We almost tested back the 100 EMA. I missed the entry with the 25%. But no problem. I think I know what's coming. Check in at this post later in the afternoon for further details. Timing will be more important than ever.
We are doing exactly what we were waiting for:
pullback from 50 EMA and 200 SMA.