VietnamGold
Long

USOIL - A LONGTERM OUTLOOK (PART II)

FX:USOIL   Crude Oil (WTI)
4 months ago
If you do not read part 1 yet, this is a link for the first part
USOIL - A Long Term Outlook

Also, if you have short position, you might wanna take partial or full profit. Check out this post also as I have shorted and already taken full profit yesterday. Here is the link
USOIL - BROKEN TREND LINE.


So this is a predicted correction and oil             will go much higher from the support area around $38-$42/barrel to $60/barrel, even $80/barrel. I think point B, the last low at $26.03 is the medium term low because:
- Downward trend line was broken.
- Point C, the last high at $51.64 is higher then Point A at $50.60

Therefore, if this correction as predicted and oil             will find support around this yellow area $38-$42 and bounce back to $50, it could signal a potential inverted head and shoulders pattern which will lead oil             to $60 or even $80.
A buy is recommend at this level due to several reasons:
- Oil             has reached our support area $38-$42
- 38.2% Fibo Retrace of the last impulse phase is around $41.85
- 50% Fibo Retrace is at $38.75

Target: $60 then $80
Stop loss: under $35 on monthly close.

Trade plan:
Bought 1 contract @$41.88
Will add another contract if oil             reaches $39.

Stay Tuned.
3 months ago
Comment: Oil has reached as low as 39.2 before boucing up to 42.4 now. Let's see if this bounce continues and signals a short term bottom.
3 months ago
Comment: Oil has broken out to the upside. Keep your long position and make big profit.
OIL - BREAK OUT TO THE UPSIDE
3 months ago
Comment: Oil is at 44.6 now. It is going to reach at least $46.
3 months ago
Comment: Oil is at $46/barrel. You can take partial profit here.
3 months ago
Comment: Oil is at $48.2 now. Keep holding till $50.
All that glitter is not gold !
AlbCM
4 months ago
good projection. I also view oil at 60 and the bottom should be next week.
+1 Reply
VietnamGold AlbCM
3 months ago
it seems like the bottom was last week.
Reply
GregGibbons PRO
4 months ago
Thank you, excellent work!
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