OIL - 50 EMA is the key

FX:USOIL   Crude Oil (WTI)
808 14 19
We are getting near to the daily cycle low.
RSI has reached overbought territory
I think we want to tag the 50 EMA and the rally can start again to new highs.
Comment: RSI is in oversold territory.
Did u mean rsi is over sold not over bought? Pointing down and low is over sold right?
Royal_Marq tbuckle
Yep! It is in an over sold territory. I think it would be selling mistake.
Correct, it is oversold. And I can't change it now.
Thank you!
You have been suggesting long for a long time.

Yes that's true... I entered long at 29.30-30.00 on the 22.02...
And noone believed me that time that we going to run to the 200 EMA...

Now a very few people are believing that we are turning next week in oil and making a higher high in the next 1-1.5 months.

Guys POWERS are not in the situation to let a financial crisis - and maybe a war - on declining oil prices.
Whatever Saudis are lying oil not going to go below 33$ again...

It's the election year in the USA. They just simply don't let the market to fall this year. ANd for a real strong rally they need a flying oil price.
The RSI is in oversold territory...
Sorry for the mistake.
Agreed long here however may be a Wave B corrective and then C down this whole run was the first wave... intrigued to see the impact of fundamentals as they are broadly negative
My problem that all the datas are manipulated and false.
I dont believe in fundamentals.
I'm watching sentiment, cycles, indicators, chart and candle patterns in a very few instrument.
That's the only way to make money in these days...
normichtrader chartwatchers
I agree. I added long USO June calls at market close Friday. Too many larger forces that want/need oil higher for it to fall much more. Do you see US oil breaking 50 within the next 1.5 months?
chartwatchers PRO normichtrader
Yes. Around in 50-60 trading days (maximum 2.5 months ) we will make a higher high.
Higher high= above 50$ .
Sentiment seems to be falling into the category of "oh crap the short squeeze is over, oil may head back down to near old lows...sell, short, etc." Is this the case and if so do you still recommend going long?
I still think it's a long.
I will be adding to the Oil portfolio, and also in my portfolio.
Look at oil stocks they are just consolidating and not falling.
Before this epic rally or short squeeze we were in an EPIC and massive downtrend. Isn't it possible that the last month has just been a short squeeze/sucker bounce/false break out - that has fooled a lot of people into thinking we are in a bull market and that now we are just resuming the year long downtrend? If not, why? Lastly, how low would this have to go for your bullish thesis to be nullified?
I use sentimentrader also.
With these few days decline sentiment is bearish again.
So the next leg can start up anytime.
Memorize this moment tbuckle. In these new markets this is the moment when you have to pull the trigger and go against your emotions.
This is the moment when you feel you have to get rid of every oil position because it will go down and make a lower low.
But it will not.
The train will start to go up again and will leave all the bears and skeptisches at the station.
Sentiment, cycles, timing shows that it's turningwhen the 6 day RSI is leaving overbought levels.

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