We just need to find a good entry in the daily chart, this might be a good trend to ride going into 2021. Constructive action overall, and also a net positive for TSLA shares, solar emerging markets and others...not good for airlines though. If this uptrend pans out, it'll end up hurting the economy badly once the effect is felt on earnings. Tim West recently explained this very well (once again) in his publication. See related ideas.
Cheers,
Ivan Labrie.
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CEO acquired all of Exxon's assets in Argentina and other countries in the region chart looks decent.
I'm long after price made a new high today: #USOIL monthly forecast will confirm after November ends It can rally until March 2021, reaching 100.51 by then or sooner, as long as holding over 51.64
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Next target for #USOIL is a rally towards 61.47 by mid December unless prices go below 56.61
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Longs in oil and energy stocks are still viable, specially after the dip going into today's bottom.
USOIL facing serious difficulties here, can't break over the Houthi drone attack key level s3.amazonaws.com/tradingview/snapshots/a/Ai6kBtCg.png I think until it moves over this level it will be safer to buy oversold and sell overbought rallies in oil and oil stocks.
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#USOIL has big potential here, ideally it shouldn't go back below today's open to be safe First time over the Houthi drone attack level.
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#USOIL might be trending here, but the scale is quite large, long term charts are logical, shorter term charts present more challenges, will be good to buy when daily looks awful
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Looks good so far.
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PBR is up since I pointed out the falling wedge pattern:
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Oil can now break away from the resistance level from the Drone attack day high...Today's move indicates we may see much higher prices indeed... I sold half of my short term position, holding a core position for larger gains. I'll be a buyer on short term dips as well.
Any thoughts on today's plummeting move?? imo its a good thing for the trend overall
IvanLabrie
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@JRFreeze, I actually sold at the top, then tried to buy back on dips but had to sell in Minor loss. Was up 4.8% and ended up with a 3.3% liquidity from the loss after the re-entry. I'm flat now, oil can't seem to break over the high of the Houthi drone attack day yet.
JRFreeze
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@IvanLabrie, I agree with getting back in. The bullish fundamentals are still present. Potentially disturbed supply, trade war ending with china, overall move away from oil generally. One question I have been pondering.. We want the world to use less fossil fuels and dig up less oil as it's much better for everyone left in the ground, would a lower or higher oil price drive this?
JRFreeze
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Are you still in the trade or stopped out??
IvanLabrie
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@JRFreeze, I sold near the top then bought back after a dip but had to sell in small loss before it turned into a bigger loss of profits. I'm out, it looks like a failed rally since the big monthly upside move was erased. Maybe it rallies again from here later on, but not confident on it.
sun04
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Your recent view?
IvanLabrie
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@sun04, back to a good level to buy oil and oil stocks.