chartwatchers
Long

OIL Daily Update - Riding the bull

FX:USOIL   Crude Oil (WTI)
815 1 21
We had a fantastic week in oil             and in the energy sector.
As I was posting last week the energy shares and oil             were showing divergences. Oil             was making lower lows, but the energy sector was crawling higher and higher.
What's the reason? Saudis started to cut? Oil             companies were given a promise that price will raise?
Gold-0.26% was showing the way to the whole commodity sector that time to bottom?
I don't know, but the chart is not lying. We have the price crawling higher and higher on the daily chart .
- We have a double bottom formed,and a breakout from the double bottom.
-We have a beartrap :trapped shorts whose short covering will catalyze this rally
- We have a trendline break.
- We have beautiful divergencies between the price and 3 indicators.
- And the whole world needs higher oil             prices - except us small costumers...

So we have everything for an oil             bull market. It's still not too late to get in. It's just beginning. We might have a testback to 34.32$ (double bottom breakout) or 33$ trendline testback , but forget about seeing OIL             prices below 30$ until 2060.

Looking forward to see 40$ and 50$ OIL             soon. Once oil             finds a direction it keeps going, so don't try to short it , or don't wait too much for a pullback - it might not come - because price runs away and you 'll be left behind.
Start a smaller position on Monday and add at the pullback if there is a pullback. If not then enjoy the ride with the core position.

Don't forget: when everybody is talking about irrealistical numbers like oil             to 20$ or 10$ that is our time to long it. Governments and powers will not tell you in the Saturday 18:00 news that OIL             will start to rally next week get into position. When the news will tell us OPEC are cutting price will be 50-55$ and we will be closing our positions.

So all my bets are on the awakening oil             bull .

Short term : Bullish
Medium term : Bullish
Long term : Bullish

Next level to be tested : 40-41$
It seems we are not going to get the pullback...
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