chartwatchers

OIL - DAily Chart Update- possible entering/adding points

FX:USOIL   Crude Oil (WTI)
360 3 20
DAY 7 in the new daily cycle.
We took out the 1st daily cycle's high yesterday. But couldn't close above the
200 EMA .
Is it good news or bad?
Bad news for the traders who are already in, but good news for the ones whho would like to get on board.
And a hope for the bears who are trying to short again.... :)

As I thought it seems we will not break the 200 EMA before the DOHA meeting...
We might print 2 low volume nothing day today and tomorrow. I'm watching the energy shares very carefully, if they rally then smartmoney got the information that agreement will be and they will be buying energy shares today and tomorrow. ( Not every big player is trading OIL             futurescontracts, many just buying energy shares if they know that oil             is going up or just holding the gains in a range.)

So where to enter or add?
This is the last point where I add position to my portfolio. I want to close my gains so I dont want to enter into a decline with a huge position which will reset my account.

Possible entry or adding points:
200 SMA (light blue ) a lot of traders are watching the 200 SMA and not the 200 EMA . We broke this already so a testback of the 200 SMA is possible. In this case we dont get a testback at the 200 EMA . It is at 40.5$ now.

10 EMA - in a strong rally this supporting the price (later the 20 EMA )

The dollar is in an epic rally , but wont affect oil             price too much.


Comment: 200 SMA is at 40.49.
That's the next resistance.
I expect oil to run into resistance at the 200 SMA or maximum at the 10 EMA (39.96)

All the traders who are not on board yet this is the chance to pull the trigger.
Hi and thanks for all your help. What exactly is the compelling foundation to believe that oil will keep going higher. Is it not possible that if the DOHA meeting ends like most opec meetings with no substantial agreement and the oil glut continues that we may fail the 200 and resume the down trend? Why the compelling belief we keep going up? Just curious and want to consider?
Reply
I think whatever happens in DOHA can't stop the oil rally in the following
3-4 weeks.
We will break above the 200 EMA next week or the week after that.
I'm watching the POWERS and I quite sure that they want oil prices
above 40 and not below 30$...
Reply
Excellent :)
Reply
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